The Progressive Accountant - Tax (1560)
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Tax 1547
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 Sets Up Experience Office
The Internal Revenue Service has established a Taxpayer Experience Office. The IRS said this week it will quickly expand the first-time office as part of its efforts to improve taxpayer service.
Three CPAs Charged in $1.3B Tax Fraud
Three CPAs are among a group of seven individuals indicted for their alleged connecting in promoting syndicated conservation easements as tax shelters. The seven had been indicted in a superseding indictment on charges that include conspiracy to defraud the United States through fraudulent tax shelters.
Intuit ProConnect Revs Up 14.6 Percent
Revenue for Intuit’s professional tax business for by 14.6 percent fpr the second quarter ended January 30. The revenue, which reflects sales of ProSeries, Lacerte and Intuit Tax Pm;ome, rose to $237 million for the most recently ended quarter, up from $207 million a year earlier.
Cointelli Debuts Crypto Tax Software
Cointelli has launched an application for tax calculations for cryptocurrencies and other digital assets. The software, which covers more than 100 wallets, blockchains, and exchanges, is designed to help users determine tax liabilities.
Preparer Spent $5.5M on Jewelry, Cars and More
A crooked tax preparer spent more than $5.5 million of his businesses proceeds on properties in the United States and elsewhere, along with Jewelry, cars and gambling. Ariel Jimenez, who was convicted on a variety of charges, also filed thousands of tax returns claiming nearly $38 million in Earned Income Tax Credit.
Read more...DIY Returns Down in Latest Report
The number of self-prepared efiles received dropped slight year-over year in the last weekly filing report from the Internal Revenue Service. But given last year’s delayed season and this year’s apparent delay in filings, any analysis is difficult.
Blucora: Tax Season Still Shifting
Consumers continue to start and complete returns later in the tax season, Blucora CEO Chris Walters, said this month. Walter said the rate of efiling in the first two weeks of this season are “approaching 50 percent below what has been seen in past seasons.”
IRS Offers Interview Authentication
Taxpayers can opt to verify their identities for IRS Online Accounts during virtual interviews with agents of the Internal Revenue Service. The IRS said this week individuals can choose the live sessions with no use of biometrics, including facial recognition.
IRS Processing Rate Improves
The Internal Revenue Service has processed 78.1 percent of individual tax turns for the season through February 12. That compares to 62.6 percent processed through Feb. 11, 2021, with the year-ago season heavily impacted by the pandemic.
IRS Details Relief on K-2, K-3s
The Internal Revenue Service has provided details on relief for domestic partnerships and S corporations in preparing the new schedule K-2 and K-3s. Those eligible for relief will not have to file those schedules for tax year 2021, the agency noted this week.
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