The Progressive Accountant - Tax (1559)
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Tax 1546
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...Preparer Gets 5 Years in Return Fraud
A Salem, Mass.-based tax preparer, who sought multiple government loans, has drawn five years in prison this month. Roosevelt Fernandez, had pled guilty to two counts of wire fraud and one count of aggravated id entity theft.
LATAM Leads Thomson Tax, Accounting Q1
Latin American business was the strongest source of revenue growth for Thomson Reuters Tax & Accounting Professionals for the first quarter ended March 31. Thomson’s business there, Domino, saw revenue increase by 30 percent year-over-year the company said this week.
Intuit Paying $141M in Free Filing Issue
Intuit will pay $141 million to settle questions about its advertising of free tax preparation for TurboTax. Intuit has admitted no wrongdoing in the agreement with 50 state attorneys general and the Distric of Columbia.
ProConnect Tax Links to QBO
Intuit has integrated its ProConnect Tax with QuickBooks Online Accountant. The software company says this includes Intuit Link, an online portal, for exchange client data.
Tax Season Ends with Rush
Returns poured in for the last few days of tax season, which ended on April 18. That may be all it is safe to say is comparing results with last year, whose filing deadline was extended to May 17, provides no obvious pattern.
IRSAC Applications Being Accepted
Applications for membership In the Internal Revenue Service Advisory Council have opened.for 2023. Applications will be accepted through June 3 for three-year terms that begin in January.
Judge Won’t Block TurboTax Ads
A federal judge has rejected the Federal Trade Commission’s motion to block Intuit from using advertisements for its TurboTax software that the FTC considers deceptive.
IRS Tax Forum Begins July 19
The 2022 IRS Tax Forum will be held July 19 through August 18, the Internal Revenue Service said this month. The virtual event will feature live-streamed webinars every Tuesday, Wednesday and Thursday.
The forum will include a keynote address from Commissioner Charles P. Rettig, a plenary session with tax law and publications updates and multiple sessions on high-interest topics made by IRS experts and partner associations. An ethics webinar will also be offered.
Those who register by 5pm ET pay the Early Bird rate of $240 per person with the fee rising to $289 per person on June 16. Registration includes access to the Virtual Expo
Members of the IRS national partner associations can receive a discount of $10 off the Early Bird rate and should contact their organizations directly. These groups are the American Bar Association Section of Taxation, American Institute of CPAs, National Association of Enrolled Agents, National Association of Tax Professionals, National Society of Accountants, National Society of Tax Professionals, Low Income Taxpayer Clinics and the Volunteer Income Tax Assistance Program
Read more...Returns Came in Strong by April 15
The tax season ended on April 18, but there was a surge of during the last full week of return filing. The Internal Revenue Service received 122,543,000 returns for the season through April 15, an increase of 10.4 percent from 110,961,000 for the season through April 16, 2021.
AICPA Supports Auto Dealer Relief
The American Institute of CPAs has endorsed a bipartisan bill in Congress that would offer auto dealerships tax relief. The Supply Chain Disruptions Relief Act would allow dealerships to wait until as late as 2025 for their inventory to be replaced in order to determine income attributable to the sale of inventory in 2020 or 2021.
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