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...IRS Provides Gross Receipts Safe Harbor
A safe harbor has been issued that allows employers to exclude three categories of revenue from gross receipts for determining eligibility for the Employee Retention Credit. The action was taken this week by the Internal Revenue Service which issued Revenue Procedure 2021-33 PDF
Bloomberg Buys Tax Prodigy
The Bloomberg Industry Group has acquired Tax Prodigy, a step that enables it to enter the tax provisioning market. Terms were not disclosed.
Thomson Tax/Acct’ng Organic Growth: 10 Percent
Revenue for Thomson Tax & Accounting grew by 10 percent organically year-over-year for the second quarter ended June 30. The company said that is normalizing the numbers to remove the impact of the extension of the tax deadline in the United States to May 15 this. year and to July 15 last year.
Preparer Guilty in Second Tax Fraud Case
A Louisiana woman, already waiting to be sentenced in one fraud scheme, has pleaded guilty in a second. Brittany Patterson of Jefferson Parish, La., now awaits sentencing in two cases in which she prepared fake returns for others and claimed a fake dependent for herself in one instance.
CPA Guilty in Investment Scam
A Bradenton, Fla.-based CPA has pled guilty to his part in a scam that defrauded elderly investors. Kennedy Murry Rossman, 63, admitted to the scheme in which a co-conspirator spent investors’ money on luxury residences, high-end vehicles, jet skis, jewelry and personal celebrity entertainment.
IRS Opens Tax Pro Accounts
Tax professionals can digitally initiate Power of Attorney and Tax Information Authorizations via the newly established Tax Pro Accounts on IRS.gov. These authorization requests are described as simpler versions of Forms 2848 and 8821.
Child Tax Credit Tool Now in Spanish
A Spanish-language version of the internal Revenue Service’s online tool, Child Tax Credit Eligibility Assistant, is now available. Families can determine their qualification for the credit and monthly advance payments due to begin on July 15.
Florida Preparer Must Repay $1.6M
A Kissimmee, Fla.-based tax preparer has been ordered to pay $1.6 million in restitution to the Internal Revenue Service. Joseph Amaya was sentenced to pay the amount and sentenced to a year in federal prison for aiding and assisting in the preparation of false tax returns.
Advocate: IRS Needs More Digital Services
The Internal Revenue Service needs to increase the availability of online tools, national taxpayer advocate Erin M. Collins said in her recent report to Congress. That includes reducing barriers to electronic filing, utilizing scanning technology and expanding the use of digital documents and signatures.
Liberty Tax/LoanMe Deal Closes
NextPoint Acquisition Corp. has closed its acquisition of Liberty Tax and LoanMe. The special purpose acquisition corporation i now operating as NextPoint Financial with its shares trading on the Toronto Stock Exchange.
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