The Progressive Accountant - Tax (1470)
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Tax 1457
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...Block Assisted Revs Rise 4.4%
Revenue from assisted tax preparation increased by 4.4 percent for the second quarter ended March 1 for H&R Block. But a drop in DIY preparation and refund transfer revenue left the held the overall revenue increase to 1.5 percent.
IRS Reports on Direct File Pilot
The Internal Revenue Service has submitted a report to Congress about its plans to pilot a Direct File option for taxpayers in the 2024 filing season. The study is evaluating the feasibility offerings a free, voluntary IRS-run electronic filing system.
CPA Agrees to Repay $2.5 Million
A New Jersey CPA has agreed to pay $2.5 million in restitution to the United States. The agreement by James H. Benkoil of Avon-by-the-Sea follows his guilty plea to defrauding the U.S. by his promotion of fraudulent tax shelters to high-income clients.
CPA Agrees to Repay $2.5 Million
A New Jersey CPA has agreed to pay $2.5 million in restitution to the United States. The agreement by James H. Benkoil of Avon-by-the-Sea follows his guilty plea to defrauding the U.S. by his promotion of fraudulent tax shelters to high-income clients.
Read more...Returns End Season Down 1.3 Percent
The number of tax returns received by the Internal Revenue Service for the week ended April 21 were down 1.3 percent from the 2022 season through April 22.
IRS Seeks IRSAC Members
Applications are being sought membership for the 2024 Internal Revenue Service Advisory Council. Applications, available on the IRSAC webpage, are being accepted by the Internal Revenue Service through May 31 for terms that begin in January.
Drake Parent Becomes Taxwell
Drake Software has selected Taxwell as the name of the parent company, now that it is offering two separate product lines. The change has come about now that the company markets tax preparation software under the Drake and TaxAct names.
AICPA Wants Guidance on Digital Assets
The American Institute of CPAs has requested additional guidance to help taxpayers in calculating losses on digital assets.
Latest IRS Filing Report Means?
The latest report for filing season statistics from the Internal Revenue Service shows a 4.3-percent decline in tax returns through April 14. But since the year-ago period for comparison was the season through April 15, the numbers may be distorted by the timing.
Preparer Guilty in $3.8M Tax Fraud
An Orange County, Calif., tax preparer has pleaded guilty to taking part in schemes that cost $3.8 million in tax losses.
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