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 To Focus on Pass-Through Entities
The Internal Revenue Service will establish a new work unit to focus on large or complex pass-through entities. This is another part of the IRS effort to increase attention to high-income compliance issues.
IRS Unit Focuses Pass-Through Entities
The Internal Revenue Service will establish a new work unit to focus on large or complex pass-through entities. This is another part of the IRS effort to increase attention to high-income compliance issues.
Preparer, Repeat Offender, Draws 13 Years
A Chicago, Ill.-based tax preparer, who spent time in federal prison for tax preparation crimes, has been sentenced to 13 years in prison for a new series of state offenses.
IRS Hiring 3,700 Revenue Agents
The Internal Revenue Service intends to hire more than 3,700 revenue agents to expand enforcement work involving complex partnerships and large corporations and high-income individuals. The focus is on those with annual incomes of more than $400,000 and partnerships with complex issues.
IRS Prioritizes High-income Cases
The Internal Revenue Service plans to intensify its work on accounts of high-income taxpayers, and will increase its use of artificial intelligence on large partnerships. The IRS said it will also ensure audit rates will not increase for those earning less than $400,000 a year.
Bloomberg Releases Compliance Tracker
Bloomberg Tax and Accounting has introduced Compliance Tracker, a workflow tool available on Bloomberg Tax Research. The company said this week Tracker automates tracking and gathering of federal and state tax deadlines and forms.
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...Sales Tax Assessment Tool
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