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 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.
AICPA Backs Estimated Deadline Change
The American Institute of CPAs is support a Congressional bill that would simply quarterly installments for estimated income tax payments. The proposal would change the due dates for individuals for the second and third quarter so that all payments are due after the end of a quarter.
Most States Won’t Tax Forgiven PPP Loans
Most states will not treat forgiven PPP loans as income, according to Bloomberg Tax & Accounting’s 21st annual Survey of State Tax Departments. The survey found 29 state tax departments will follow federal treatment of loan forgiveness or cancellation in not considering the amounts taxable.
Returns Slightly Above 2021
The latest weekly statistical filing report from the Internal Revenue Service report shows the total number of returns for the season through June 12 less than half a percent higher than the yea-ago season through July 17. There were 152,465,000 returns field for the year to date compared to 151,782,000 through last year’s extended deadline.
Block Assisted Tax Clients Rose 7 Percent
H&R Block increased the number of assisted tax clients by 7 percent for recently ended tax season. That represented an increase of 700,000 customers, which translated into the best performance in 10 years, CEO Jeff Jones said during this week’s earnings webcast for the year ended April 30.
TaxAct Tax Season Ends Strong
The last two weeks of the tax season were stronger than expected, Blucora said this week. The company, which owns the TaxAct line, raised its forecast for the second quarter ending June 30 and for 2021.
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