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...Intuit Talks of Third-Party Tax Links
Intuit continued its move toward opening up its professional software packages with third-party products, The tax software company had signaled that direction in December when it announced a plan to integrate professional tax applications, starting with ProConnect Tax Online with Karbon, a practice management software line.
IRS Worker In Alleged Fraud
An Internal Revenue Service employee in Massachusetts has been accused of filing more than 590 false tax returns. Jennifer Beth True, 44, of Lawrence, Mass., was charged with wire fraud and aggravated identity theft this month.
Late Politician’s CPA Sentenced
John H Nardozzi, CPA to the late State Senator Brian Joyce of Massachusetts, has been sentenced to 18 months in prison and three years of supervised release. Nardozzi was convicted after an October trial of helping Joyce hide $600,000 in income from 2011 through 2014.
IRS Creates Gig Tax Center
The Internal Revenue Service has launched the Gig Economy Tax Center on IRS.gov this week. The center is designed to provide information to the increasing number of individuals who are part of the gig economy.
Liberty Now Small Part of Parent
Liberty Tax Service, the tax store chain, has become an increasingly smaller part of its parent. Liberty, which had sales of $132.5 million for the year ended April 30, is part of the Franchise Group, which now claims revenue of about $2.5 billion with its pending purchase of the American Freight Group.
Ban Ends on IRS Offering Tax Software
The Internal Revenue Service recently entered an agreement with the Free File Alliance aimed at removing barriers to taxpayers getting free software via the Alliance. One provision not highlighted by the IRS in its announcement was it has ended its agreement to stay out of the tax software and e-filing market.
Intuit Pro Tax Group Gets New Leader
Intuit has named Barry Pennett as VP of the ProConnect Group. He replaces CeCe Morken, who had run the group since October 2013 and has left the company.
Tax Season Begins January 27
Tax season will begin on January 27, the Internal Revenue Service said this week. That is the day the IRS will begin accepting and processing returns.
IRS Issues 2020 Mileage Rates
The Internal Revenue Service has issued the standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The standard rate for vehicles driven for business purposes is 57.5 cents per mile for 2020, down a half cent from the 2019 figure.
New Free File Agreement Reached
The Internal Revenue Service has reached a new agreement with Free File Inc. that should eliminate complaints made about Intuit and H&R Block during last year. FFI members agreed recently not to exclude the Free File Landing page from Internet searches.
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