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...Preparer Took Part in Stolen Car Biz
A Lawrenceville, Ga.-based tax preparer has been sentenced to five years in prison in a scheme that recruited his clients to help purchase stolen cars for resale. Stanley Worthy Jr. must make $2.9 million in restitution after pleading guilty to a variety of charges.
IRS Updates Tax Pro Account
The Internal Revenue Service has made several enhancement to Tax Pro Account. These include helping practitioners manage their active client authorizations on file with the Centralized Authorization File database.
Two Guilty in Easement Scheme
A federal jury has convicted Jack Fisher, a CPA, and James Sinnott, an attorney, for their rolesin peddling syndicated conservation easements, which resulted in $1.3 billion in tax deductions. The government also wants to seize properties that the two Georgians own, including Fisher’s $2-million home on the Caribbean Island of Bonaire.
IRS To Focus on Pass-Through Entities
The Internal Revenue Service will establish a new work unit to focus on large or complex pass-through entities. This is another part of the IRS effort to increase attention to high-income compliance issues.
IRS Unit Focuses Pass-Through Entities
The Internal Revenue Service will establish a new work unit to focus on large or complex pass-through entities. This is another part of the IRS effort to increase attention to high-income compliance issues.
Preparer, Repeat Offender, Draws 13 Years
A Chicago, Ill.-based tax preparer, who spent time in federal prison for tax preparation crimes, has been sentenced to 13 years in prison for a new series of state offenses.
IRS Hiring 3,700 Revenue Agents
The Internal Revenue Service intends to hire more than 3,700 revenue agents to expand enforcement work involving complex partnerships and large corporations and high-income individuals. The focus is on those with annual incomes of more than $400,000 and partnerships with complex issues.
IRS Prioritizes High-income Cases
The Internal Revenue Service plans to intensify its work on accounts of high-income taxpayers, and will increase its use of artificial intelligence on large partnerships. The IRS said it will also ensure audit rates will not increase for those earning less than $400,000 a year.
Bloomberg Releases Compliance Tracker
Bloomberg Tax and Accounting has introduced Compliance Tracker, a workflow tool available on Bloomberg Tax Research. The company said this week Tracker automates tracking and gathering of federal and state tax deadlines and forms.
FTC Wins Ruling Against Intuit
The Federal Trade Commission has won a administrative ruing against Intuit for what it claimed were deceptive ads used by Intuit which offered free tax filing products. Intuit said it will appeal the decision.
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