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...FTC Wins Ruling Against Intuit
The Federal Trade Commission has won a administrative ruing against Intuit for what it claimed were deceptive ads used by Intuit which offered free tax filing products. Intuit said it will appeal the decision.
Preparer Must Disgorge $324,432
A Galveston, Texas, preparer who fudged a substantial number of 4,000 federal income tax returns from 2017 through 2012 must disgorge $324,432 to fees he collected to the United States.
IRS: Efile $10K Cash Payments
Businesses that report cash payments of more thaN $10,000 must efile their reports starting January 1, the Internal Revenue Service said this week. This applies to those required to file at least 10 information returns other than Form 8300.
Intuit Pushing Full-service Prep
Intuit is investing in its full-service offering for TurboTax live. CEO Sasan Goodrzi said during a recent webcast for earnings for the year ended July 31. That came as the TurboTax Live offering showing 17-percent revenue growth year-over-year.
Read more...IRS Extends Roth Catch-up Time
Higher-income participants of 401(k)s and similar retirement plans have until 2026 to make an catch-up contributions. These must be designated as after-tax Roth contributions.
Blue J Debuts AI-Based Tax Research
Ask Blue J, which utilizes generative artificial intelligence, has been introduced for tax research by Toronto, Ont.-based Blue J.
Preparer Must Repay $3.8 Million
A Westminster, Calif.-based tax preparer, who used stolen identities, must repay $3.8 million to the Internal Revenue Service and serve 41 months in prison. after being stenced this month.. He obtained the IDs from a corrupt social worker for a variety of fraudulent uses.
Block: IRS Free File No Threat
The plan for a free tax filing program by the Internal Revenue Service is not a threat to commercial providers, according to H&R Block CEO Jeff Jones. Jones made the comments during his company’s recent webcast for earnings for the year ended June 30.
Tax Preparer to Repay $888K
Laide M. Paulino, a Freeland, Pa.-based tax preparer, has agreed to pay the Internal Revenue Service $888,377 in restitution. Paulino, owner of LP Multiservice, agreed to that step as a part of a guilty plea to preparing and filing false tax returns/
ProConnect Downloads IRS Transcripts
Intuit has introduced the ability of ProConnect Tax to access transcripts via IRS Transcript direct access.
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