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
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360 Coverage Pros has introduced a professional liability insurance program for tax preparers. Tax Preparer Professional Liability Insurance has liability limits of up to $1 million and is designed for professionals who provide predominantly tax-related services.
IRS Extends More Individual Deadlines
The Internal Revenue Services has extended more deadlines for individual tax files to May 17, including individual retirement and medical saving accounts. This follows the prior announcement that the return filing deadline for individual tax returns has been moved from April 15 to May 17.
DIY Returns Nearly Even with 2020
Self-prepared returns continued to pull closer to the totals filed in last year’s tax season. The 38,164,000 DIY efiles received in the 36 days through March 19 were only 1.3 percent behind 38,685,000 efiled in the 54 filing days through March 20, 2020.
U.S. Seeks to Shutter Tax Prep Franchisor
The United States is seeking four civil injunctions to halt a franchise chain “The Tax Experts” from preparing federal income tax returns for others. The action seeks disgorgement of fees paid to defendants, whose stores allegedly prepared 17,000 federal tax returns claiming $82 million in refunds in tax years 2017, 2018 and 2019.
DIY Returns Closing in on 2020 Totals
The number of returns handled by the Internal Revenue Service for the late-starting tax season continued to catch up with year-ago figures by about five percentage points a week. If the trend continues, the number of self-prepared efiles could reach the 2020 level when the Internal Revenue Service release statistics for the season through March 19.
Deadline for 1040s Now May 17
The deadline for the federal individual tax returns has been extended from April 15 through May 17. The Internal Revenue Service said this week it will soon issue formal guidance.
Preparer Accused of Seeking 118 PPP Loans
A South Florida tax preparer has been accused of seeking more than $2.3 million in loans under the Paycheck Protection Program. Leonel Rivero, 35, of Miami, has charged with wire fraud in connection with a scheme to fraudulently obtain the COVID-19 relief loans under the PPP program.
IRS Posts Spanish Form 1010
For the first time, the Internal Revenue Service has posted a Spanish version of Form 1040 and related instructions. Both are available as PDF downloads on the agency’s site at IRS.gov, the IRS said this week.
Blucora: Not Right Time to Sell TaxAct
Blucora says it not the right time to sell its TaxAct software business as demanded by an insurgent investor group. Blucora reports “long before Ancora began buying shares, Blucora’s Board and management had begun considering such scenarios with independent financial advisors.”
Parent Grows Liberty Tax as Sale Looms
The Franchise Group, parent to Liberty Tax, has outlined a plan to grow the tax preparation business despite the looming sale of Liberty. During its recent webcast for earnings for the year during December 31, the Franchise Group said it is planning on establishing Liberty offices and kiosks in locations of two of its other properties.
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