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 Increases 401(k) Limits
The Internal Revenue Service has increased the amounts individuals can contribute to their 401(k) retirement plans. The limit for each account has increased to $20,500 for 2022, up from $19,500 for 2021 and 2020, a 5.1-percent increase.
TaxAct Revs Up for Nine Months
Revenue for TaxAct was up 8.8 percent for the nine months ended September 30. The third quarter was off substantially but Mark Mehlman, CFO of parent company Blucora said that stemmed from the backlog at the IRS.
Intuit Debuts Advisory Services Guide
Intuit has introduced and online Intuit ProConnect Tax Pro Center to provide resources for tax firms that wish to provide planning and advisory services. The guide is free.
CPA Accused of Stealing $1 Million
A retired California CPA has been indicted for allegedly stealing more than $1 million through a payroll scheme. Kenneth Gould of Clovis Calif., was indicted last month, alleging he used a payroll company he operated to steal money via $20 million in fraudulent ACH payments.
ProConnect Tax Imports from QBO Accountant
Intuit has established the ability to import client data from QuickBooks Online Accountant into ProConnect tax. The capability enables users to upload documents directly into ProConnect Tax, regardless of how a client delivered them.
Axcess New Return Dashboard Coming
The CCH Axcess Suite will have a new return dashboard after next year’s season, according to Jason Marx, president of Wolters Kluwers Tax & Accounting. Marx made the announcement this week at the company’s CCH Connections user conference.
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Ex-IRS Employee Charged with Tax Evasion
A South Carolina man has been accused of claiming fraudulent deductions and expenses on several years of tax returns. Anindictment says Wayne M. Garvin was employed as a Supervisory Associate Advocate with the IRS’s Taxpayer Advocate Service in Philadelphia when filed the allegedly bogus returns from 2021 through 2016.
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IRS: Large Taxpayers Can Use Video
All taxpayers can meet with employees of the Internal Revenue Service. The IRS this week extended the capability to those who work with the IRS’ large business division.
Read more...Preparer Filed Fake Returns in 19 States
A Florida tax preparer has been sentenced to four and a half years in prison for fiing 745 returns in 19 states from 2015 to 2018. Damian Barrett of Homestead, Fla., filed the returns through his Florida-based tax preparation companies, Max Tax Experts and Winngate Tax Services.
Republic Tax Refund Sale Fails
The planned sale of Tax Refund Solutions of Republic Bank & Trust Company has fallen apart. The collapse of the deal was announced this month by the prospective purchaser, Green Dot Corp.
Sales Tax Assessment Tool
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