The Progressive Accountant - Tax (1550)
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Tax 1537
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...IRS Updates Non-filer Sign-up Tool
The Internal Revenue Service has revised its Non-filer Sign-up tool to enable for families that usually do not normally file tax returns register for the monthly Advance Child Tax Credit payments. It is scheduled to be available on July 15.
IRS Seeks Advisory Council Members
Applicatants are being sought for membership in the Internal Revenue Service Advisory Council. The IRS said this month applications will be accepted through July 9 for the panel, which serves as an advisory body to the IRS commissioner.
CPA Accused of Tax Shelter Scheme
A CPA based in Atlanta, Ga., is accused of raking in more than $1 million in commissions in an abusive tax shelter scheme. Herbert E. Lewis was indicted this week on 62 counts of alleged involvement in the scheme that generated hundreds of millions of dollars in phony tax deductions.
Bloomberg Updates State NOL Manager
Bloomberg Tax & Accounting has incorporated CARES Act changes that impact tax years 2018, 2019 and 2020, into State NOL Manager. The software application was formerly known as State Tax Analyzer.
Republic Selling Tax Refund Biz
Republic Bank & Trust Company is selling its Tax Refund Solutions Business to Green Dot Corp. The Kentucky-based bank will receive $165 million for the business which was hammered by the changes in the tax season and the issuance of economic impact payments.
Timing Skews Latest Filing Report
The latest statistics for the 2021 tax filing season must have some people scratching their heads. But it probably reflects timing difference of that reflects last year's extension of the filing season through July 15 compared to this year's which ended May 17.
New CCH Axcess Tax Bundle Debuts
Wolters Kluwer Tax & Accounting has introduced a new tax product bundle for firms with up to 19 staff members. CCH Axcess Tax Pro brings together CCH Axcess Tax and CCH ProSystem Scan and Autoflow.
Intuit: TurboTax Units to Grow 6 Percent
Intuit expects that the number of TurboTax units sold during the 2021 tax season will grow 6 percent year-over-year. The company made the forecast during this week’s release of financial results for the third quarter April 30.
Block Gains Market Share
H&R Block estimates it gained .3 percent market share for the recently ended tax season, the company said this week. Block also believes it gained about .7 percent share in the Assisted category.
IRS Tax Forums Start in July
The 2021 Virtual IRS Nationwide Tax Forums will begin on July 20, the Internal Revenue Service announced this week. The events will be held every Tuesday, Wednesday and Thursday for five weeks.
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