The Progressive Accountant - Tax (1558)
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Tax 1545
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
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Bloomberg Tax & Accounting has released Corporate Income Tax: General Principles, a new Tax Management Portfolio.
Preparer Sought $10M in Bogus Refunds
A former Orange County, Calif.-based tax preparer has been found guilty of a multi-year tax fraud conspiracy. A jury found Stephen Jake McGonigle, 66, of Victorville, Calif., in the case that spanned three continents.
Xero Adds Sales Tax Functions
Xero is offering the ability to calculate and file sales tax from its accounting software. The New Zealand-based company is utilizing technology from Avalara.
Corvee’s Instead Adds Augusta Guidelines
Corvee has integration of Augusta Rule deduction filing guidelines into Instead and Instead Pro. The Augusta Rule—Section 280A—enables homeowners to rent out their homes for up to 14 days without needing to report rental income.
Former CPA Indicted Again
A former Kentucky CPA has been indicted for failing to report $320,000 in income on his federal 1010 returns for 2018 and 2020. For Charles Marshall Stivers of Manchester, Ky., it was the third set of indictments over the last eight years.
AICPA OK’s Tax Services Standards
Updates to the Statements on Standards for Tax Services become effective on January 1, following their recent adoption by the Tax Executive Committee of the American Institute of CPAs.
Thomson Pitches AI in Updates
Thomson Reuters has described plans for enhancements to tax and audit applications that stress the utilization of artificial intelligence.
Intuit Details Tax Software Updates
Intuit has published information on new features in its tax software products—the desktop packages, Lacerte and Pro Series, and its cloud-based ProConnect Tax.
Tax Prep Biz Gets $60M Funding
Black Ore, which makes tax preparation software utilizing artificial intelligence, has received $60 million in financing to help develop its cloud-based tax preparation system and other financial software products.
IRS Sets Retirement Limits
The Internal Revenue Service has established contribution limits for the amount individuals can contribute to retirement plans in 2024.
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