The Progressive Accountant - Tax (1470)
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Tax 1457
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: Funding to Net Billions
Stepped-up enforcement will help the Internal Revenue Service will hike tax revenue by as much as $561 billion from 2024 to 2034 if increased funding is continued.
Drake Releases Payment App
Drake Software has introduced a contactless system, Drake Pay, designed to accept payments.
Block Fields TurboTax Import
H&R Block has launched the ability to import prior-year tax return data from TurboTax directly into H&R Block’s DIY online products.
IRS Simplifying Taxpayer Notices
The Internal Revenue Service is redesigning the roughly 170 million notices sent annually to individual taxpayers, the agency said this week.
FTC: Intuit Can’t Say “Free”
Intuit used deceptive advertising in calling some of its TurboTax offerings “Free”, the Federal Trade Commission said in Final Order this week.
New IRSAC Members Named
The Internal Revenue Service has appointed 12 individuals to terms on the Internal Revenue Service Advisory Council. IRSAC serves as a public for IRS officials and representatives of the public to discuss issues in in tax administration.
Liberty Tax Parent Sold
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.
CPA Gets Three-Year Sentence
A Nevada CPA has been sentenced to three years in prison for tax return fraud and scamming clients. Lance K. Bradford of Henderson, Nav., must also pay $6,734,338 in restitution to the United States.
IRS Pursues Rich Tax Deadbeats
The Internal Revenue Service said this month it has collected $520 million in taxes owed by 1,600 millionaires.
Liberty Socked by D.C. for $700K
Liberty Tax will pay $700,000 to settle a suit brought by Washington D.C. accusing the tax preparation company of deceiving taxpayers by offering them quick cash but hiking fees for those who accepted the offer.
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