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...Returns Slip Further Behind 2022
The number of tax returns received by the Internal Revenue Service continue to fall behind totals for the 2022 season. The number filed with the IRS through March 23 was .8 percent less than the season through March 23, 2022.
1040s Received Fall More Behind 2022
The number of tax returns received by the IRS has fallen behind last year’s total for the second week in a row. Returns received through March 17 were .5 percent below those received by the Internal Revenue Services through March 18, 2022.
IRS Provides Info on Medical Expenses
The Internal Revenue Service has posted frequently asked questions about whether certain costs can be covered under various medical accounts. The questions are part of the National Strategy on Hunger, Nutrition, and HealthPDF.
Five Texas Pros Get Prison
Five Texas tax preparers have been sentenced to prison for submitted bogus returns with the manager of Waco-based Tax World, Labanda Loyd, drawing a term of four years three months.
IRS Shows Returns Flat
Total tax returns received through March 10 were .1 percent lower than the number received by the Internal Revenue Service through March 11, 2022. But the number of efiles submitted for the same period were up 2 percent year-over-year, according to the latest numbers from the IR
Read more...ID Thieves Claimed $111M in Refunds
A group that used stolen identities of accountants and taxpayers filed at least 371 bogus returns that claimed $111 million in tax refunds, the Justice Department has charged. Six individuals, lead by Abraham Yusuff, of Round Rock, Texas, re accused of conducting the scheme from 2016 through 2019.
Tax Season Trends Hold
Total returns and efiles up slightly, pro efiles up, self-prepared down, average refund down. Those trends have held in the last three weeks as shown by the tax season report from the Internal Revenue Service through March 3, compared to last season through March 4, 2022.
IRS Expands Scanning Program
The Internal Revenue Services has scanned 120,000 paper version of Form 940 this season, the agency said the week. And under Digital Intake programw, scanning wiill soon be epanded to paper 1040s and 941s.
In-Person IRS Tax Forums Return
The Internal Revenue Service has opened registration for the 2023 IRS Nationwide Tax Forums. The five-city events will be held in-person for the first time since 2019.
Avalara Widens Property Tax Platform
Avalara has introduced Avalara Property Tax, which is designed to handle both real and personal property tax management.
Sales Tax Assessment Tool
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