The Progressive Accountant - Tax (1551)
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Tax 1538
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 Guides On Enhanced Tax Benefits
The Internal Revenue Service has issued guidance on meeting prevailing wage and apprenticeship requirements for enhanced tax benefits under the Inflation Reduction Act.
Drake Investor Buying TaxAct
Private equity firm Cinven, which invested in Drake Software last year, has agreed to buy TaxAct for about $720 million.
Tax Security Week Underway
This week is the 7th National Tax Security Awareness Week, promoted by the Internal Revenue Service and its Security Summit partners. The sponsors noted that the holiday shopping season is a prime time for identity thieves to attempt stealing personal financial information.
Council: IRS Must Reduce Paper
The Internal Revenue Service must continue to reduce the amount of paper it processes, the Internal Revenue Service Advisory Council has said it its annual report for 2022.
CPAs Allegedly Helped Hide $100M Income
Three tax professionals, including two owners of a Waxahachie, Texas-based CPA firm, have been accused of helping a lawyer who helped clients falsely shelter $1 billion in income from the Internal Revenue Service.
Thomson Buying SurePrep for $500M
Thomson Reuters is acquiring SurePrep for $500 million in cash. The deal is expected to close in the first quarter of 2023.
CCH Axcess IQ Finds Law Changes
The newest release of CCH Axcess IQ can now notify customers about pertinent federal and state legislative changes. The company said this week the system can also explain their impact on tax returns and provide advice, recommending next steps.
Feds: Gang Stole 9K Firm Client IDs
Eight individuals have been accused of purchasing credentials for computer servers of CPA and tax preparation firms. The eight, all Florida residents, were indicted on racketeering charges for allegedly stealing IDs from 9,000 firm clients and filing thousands of fraudulent tax returns, according to a partially unsealed indicment.
IRS Seeks Energy Guidance Comments
Three notices about possible changes to energy tax benefits have been submitted by the Internal Revenue Service. The IRS seeks the comments about possible extensions and enhancement to the benefits that were included in the Inflation Reduction Act.
IRS Hires 4,000 Customer Reps
The Internal Revenue Service has hired 4,000 additional customer service representatives this year. The agency said this month it intends to hire another 1,000 to help answer telephones—which have been understaffed in past years—and provide other services in the upcoming filing system.
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