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 Simplifying Taxpayer Notices
The Internal Revenue Service is redesigning the roughly 170 million notices sent annually to individual taxpayers, the agency said this week.
FTC: Intuit Can’t Say “Free”
Intuit used deceptive advertising in calling some of its TurboTax offerings “Free”, the Federal Trade Commission said in Final Order this week.
Read more...New IRSAC Members Named
The Internal Revenue Service has appointed 12 individuals to terms on the Internal Revenue Service Advisory Council. IRSAC serves as a public for IRS officials and representatives of the public to discuss issues in in tax administration.
Liberty Tax Parent Sold
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.
CPA Gets Three-Year Sentence
A Nevada CPA has been sentenced to three years in prison for tax return fraud and scamming clients. Lance K. Bradford of Henderson, Nav., must also pay $6,734,338 in restitution to the United States.
IRS Pursues Rich Tax Deadbeats
The Internal Revenue Service said this month it has collected $520 million in taxes owed by 1,600 millionaires.
Liberty Socked by D.C. for $700K
Liberty Tax will pay $700,000 to settle a suit brought by Washington D.C. accusing the tax preparation company of deceiving taxpayers by offering them quick cash but hiking fees for those who accepted the offer.
CPA Sentenced to 25 Years
An Atlanta, Ga.-area CPA has been sentenced to 25 years in prison and an attorney to 23 years for their role in selling more than $1.3-billion insyndicated conservation easement tax shelters. The action cost the United States about $450 million in lost taxes.
Four Florida Preparers Sentenced
Four preparers from St. Petersburg, Fla., have been sentenced to prison tax refund fraud. They were also ordered to pay $1,006,881 in restitution to the Internal Revenue Service and to never prepare tax returns for third parties again.
TurboTax Prep Expands
Intuit has enabled tax returns to be prepared through Credit Karma and QuickBooks Online and filed through TurboTax.
Sales Tax Assessment Tool
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