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...Corvee Releases Tax Questionnaires
Corvee has released its 2021 tax season questionnaires. Also released were file requests and engagement letters which are within the company’s tax planning software.
CrossLink Inks Payments Agreement
CrossLink Professional Tax Solutions is offering integrated payment processing for tax preparers utilizing its CrossLink Online application. The capability is being offered through an agreement with PayJunction.
Filing Season Starts February 12
The Internal Revenue Service will open tax filing on Friday, February 12. That is the day the agency says it will begin accepting and processing 2020 tax year returns.
Advocate: More Info Needed More Refund Delays
The Internal Revenue Service should have done a better job of informing taxpayers about refund delays during the past tax season, according to the annual report of the National Taxpayer Advisor. The report to Congress this week by Advocate Erin M. Collins said the IRS should create a regularly updated “COVID-19. Dashboard” and by issuing weekly news releases.
Seven N.C. Preparers Plead Guilty
Seven tax return preparers in Charlotte, N.C., have pleaded guilty to charges relating to preparing fraudulent tax returns. The individuals include the owner of Kapital Financial Services and its employees.
IRS Expands IP PIN Program
The Internal Revenue Service has expanded its Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The program was launched nearly decade ago to protect confirmed ID theft victims from ongoing tax-related fraud and was later expanded into specific states where taxpayers could voluntarily opt into the program.
IRS Seeks Advisory Committee Members
- Monday, 11 January 2021
- Tax
- Written by Patrick O'Leary
Applications are being sought for nominations to the Electronic Tax Administration Advisory Committee, the Internal Revenue Service said this week. The committee is designed to provide an organized public forum for discussion of electronic tax administration issues, such as prevention of identity theft and refund fraud ETAAC member also work closely with the Security Summit to fight electronic fraud.
IRS: Create Chief Taxpayer Experience Officer
The Internal Revenue Service should have a senior level Chief Taxpayer Experience Officer, the agency recommended this week. The new position was one of several organizations the IRS proposed in a report to Congress this week in its Taxpayer First Report.
Private Agencies Collect 1.79% on Overdue Tax Accounts
Private collection agencies have collected $498.4 million in commissionable payments from the $30.1 billion in accounts assigned to them. That rate of 1.79 percent collected may stem from the fact the average age of the accounts.
N.C. Preparer Draws Three-Year Sentence
A tax preparer who operated from Jacksonville, N.C., between 2012 and 2018, has been sentenced to three years in prison for preparing false tax returns. Gene Hersholt Williamson II was also ordered to pay $637,000 in restitution.
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