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...Emerald Card to Broaden as Banking Platform
H&R Block plans to expand its Emerald Card as a banking platform. The company said this month that the first step is to make it available digitally.
Regs Issued on Transportation, Commuting Expenses
The Internal Revenue Service has issued final regulations on the deduction of transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act.
Intuit Hired Thousands of Preparers
Intuit now employs thousands of tax preparers with its TurboTax Live program and its recently introduced TurboTax Full Service offering. With the latter, Intuit expects to offer services to taxpayers, although there are some limits on the complexity of returns that will be processed.
IRS to Focus on Non-filing Preparers
The Internal Revenue Service says it will increase contacts with tax return preparers who have failed to file their own tax returns on time. The agency says it will step up revenue office contacts with these professionals.
N.C. Preparers Plead Guilty
Two tax preparers based in North Carolina have admitted falsifying tax returns. Karen Marie Jones Audrey Renetta Odom this month pleaded guilty to charges that alleged their actions caused a $1.2 million loss in tax revenue.
TurboTax Gets Assisted Offering
Intuit has moved into assisted tax preparation with its TurboTax Live Full Service. The newly introduced product enables taxpayers to connect with tax experts who will prepare and file their returns.
Surgent Parent Buys Income Tax School
The KnowFully Learning Group parent to Surgent and other educational businesses, has acquired The Income Tax School. Terms were not disclosed.
Regulations Issued on 1031 Like-kind Exchanges
The Internal Revenue Service has issued final regulations regarding section 1031 like-kind exchanges. The define real property under section 1031 and also provide a rule addressing the receipt of personal property that is incidental to real property received in a like-kind exchange.
Taxaroo Offers Integrated Video, Texting
Taxaroo has added integrated chat, texting and video calls to its practice management software suite. The system now also has bult-in Spanish language workflows.
AICPA: Tax Penalty Relief Needed
The American Institute of CPAs has renewed its request for penalty relief for the 2019 tax year filing season. In its letter to the Department of the Treasure and the Internal Revenue Service, the AICPA cited the difficulty the coronavirus pandemic has created for taxpayers to file returns and pay taxes due.
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