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...Blue J Debuts AI-Based Tax Research
Ask Blue J, which utilizes generative artificial intelligence, has been introduced for tax research by Toronto, Ont.-based Blue J.
Preparer Must Repay $3.8 Million
A Westminster, Calif.-based tax preparer, who used stolen identities, must repay $3.8 million to the Internal Revenue Service and serve 41 months in prison. after being stenced this month.. He obtained the IDs from a corrupt social worker for a variety of fraudulent uses.
Block: IRS Free File No Threat
The plan for a free tax filing program by the Internal Revenue Service is not a threat to commercial providers, according to H&R Block CEO Jeff Jones. Jones made the comments during his company’s recent webcast for earnings for the year ended June 30.
Tax Preparer to Repay $888K
Laide M. Paulino, a Freeland, Pa.-based tax preparer, has agreed to pay the Internal Revenue Service $888,377 in restitution. Paulino, owner of LP Multiservice, agreed to that step as a part of a guilty plea to preparing and filing false tax returns/
ProConnect Downloads IRS Transcripts
Intuit has introduced the ability of ProConnect Tax to access transcripts via IRS Transcript direct access.
Preparer Sought $124M Covid Credits
A New Jersey tax preparer has been arrested for filing more than 1,000 tax returns claiming more than $124 million in COVID-relat4ed credits.
IRS Seeks Input on ADR Programs
Public input on improvements to post-filing alternative dispute resolution programs is being sought by the Internal Revenue Service. Comments can be sent to the This email address is being protected from spambots. You need JavaScript enabled to view it.by August 225. Public comments can be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. by Aug. 25, 2023.
IRS Monitoring ERC Claims
The Internal Revenue Service has heightened its scrutiny of aggressive marketing of Employee Retention claims.
Liberty Tax Parent's Assets on Block
The assets of NextPoint Financial, parent of Liberty Tax Services, have been placed up for bid as the company reorganizes in Canada. Its senior lender has agreed to buy substantially all of NextPoint’s assets for up to $281 million.
CrossLink Buys uTax Software
CrossLink Professional Tax Solutions has acquired uTax Software, a tax preparation service bureau Terms were not disclosed..
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