The Progressive Accountant - Tax (1470)
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Tax 1457
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 Providing Penalty Relief
Penalty relief is being offering to about 4.7 million individuals, businesses and tax-exempt organizations, the Internal Revenue Service said last month. The penalty relief only applies to eligible taxpayers with assessed tax liabilities under $100,000.
Block Debuts AI Tax Assist
H&R Block has introduced an AI-based assistant for the preparing 2023 income taxes. H&R Block AI Tax Assist draws from data of Block’s The tax Institute and the experience of more than 60,000 tax professionals. to answers questions.
Feds: Preparer Aided in $65M Fraud
A Texas tax preparer has been accused of assisting a Maryland man in filing for $65 million of undeserved refunds. A superseding indictment accuses Marquis Al Bey of preparing the bogus returns as part of the conspiracy.
Read more...Corvee Offers AI Bootcamp
Corvee is hosting a three-day Artificial Intelligence Tax Team Bootcamp next month. The company said this week the event is designed to help firms move to advisory services through the use of artificial intelligence.
Biz Account Access Expanded
Business tax accounts have been expanded with a wide range of new features, the Internal Revenue Service said this week.
QB Live Tax to Launch
Intuit is introducing QuickBooks Live Tax next month. Based on TurboTax, the service offers small businesses to preparer and file 2023 taxes from within QuickBooks Online.
Biz Mileage Up 1.5 Cents
The standard mileage rate for vehicles driven for business purposes will be 67 cents per mile next year, up 1.5 cents from the year, the Internal Revenue Service said this week.
FSA Contribution Limits Set
The Internal Revenue Services has announced a $150-increase in contribute limits for Flexible Spending Arrangements next year. That will bring the total that can be contributed via payroll deductions to a maximum of $3,200.
IRS Seeks ETAAC Members
Applications are being sought for members for three-year terms on the Electronic Tax Administration Advisory Committee. Applications for nomination are being accepted by the Internal Revenue Service through January 31.
IRS Nixing 20,000 ERC Claims
The Internal Revenue Service is notifying 20,000 taxpayers by mail that it is disallowing their claims for the Employee Retention credit. The effort is part of a crackdown on bogus ERC claims.
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