The Progressive Accountant - Tax (1531)
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Tax 1518
The assets of NextPoint Financial, parent of chain Liberty Tax, have been sold after approval by a Canadian Court and under Chapter 15 bankruptcy in the United States.
Liberty and Canadian Community Tax will continue to operate under the ownership of BP Commercial Funding Trust, Series SPL-X
The action was spurred by NextPoint’s disastrous acquisition of LoanMe, which was supposed to be operated in tandem with Liberty as a one-stop consumer operation. NextPoint purchased both LoanMe and Liberty in 2021 but shuttered LoanMe for new loans in July 2023. NextPoint sued AmeriFirst Home Improvement Finance seeking millions of dollars in damage for the alleged failure of AmeriFirst to live up to the terms of a loan servicing contract.
LoanMe, which had continued to service existing loans, will be wound down. NextPoint’s announcement said there would be no assets to distribute to creditors
View items...Bloomberg Debuts Tax AI Lab
Bloomberg Tax & Accounting has launched an AI Lab for its tax research platform. The Lab offers customers the ability to test new AI-driven tools.
IRS Sets Up ERC Withdrawal
The Internal Revenue Service has created a process for taxpayers to withdraw their claims for the Employee Retention Credit. The IRS Says this procedure is for those concerned about the accuracy of their claims.
IRS Details Direct File Pilot
The Internal Revenue Service will limit tests of its Direct File program to 13 states during the 2024 tax season. Taxpayers can e-file federal tax returns for free under the program.
Preparer Charged in $25M Return Fraud
Two Bakersfield, Calif., residents, one a tax prepare, have been charged for their alleged scheme to use stolen identifies in seeking more than $25 million in tax refunds.
Preparer Gets 15 Years in Client Fraud
A Warren County, Ohio, tax preparer and financial advisor has been sentenced to 15 years of prison for stealing more than $1.31 million from a client’s investments over a decade. Patrick Noel Thayer, 48, who currently works as a financial controller for Hard Rock Casino in Cincinnati, Ohio, must also pay the balance of slightly more than $1 million in restitution to the victim.
Preparer Took Part in Stolen Car Biz
A Lawrenceville, Ga.-based tax preparer has been sentenced to five years in prison in a scheme that recruited his clients to help purchase stolen cars for resale. Stanley Worthy Jr. must make $2.9 million in restitution after pleading guilty to a variety of charges.
IRS Updates Tax Pro Account
The Internal Revenue Service has made several enhancement to Tax Pro Account. These include helping practitioners manage their active client authorizations on file with the Centralized Authorization File database.
Two Guilty in Easement Scheme
A federal jury has convicted Jack Fisher, a CPA, and James Sinnott, an attorney, for their rolesin peddling syndicated conservation easements, which resulted in $1.3 billion in tax deductions. The government also wants to seize properties that the two Georgians own, including Fisher’s $2-million home on the Caribbean Island of Bonaire.
IRS To Focus on Pass-Through Entities
The Internal Revenue Service will establish a new work unit to focus on large or complex pass-through entities. This is another part of the IRS effort to increase attention to high-income compliance issues.
IRS Unit Focuses Pass-Through Entities
The Internal Revenue Service will establish a new work unit to focus on large or complex pass-through entities. This is another part of the IRS effort to increase attention to high-income compliance issues.
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