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
View items...Feds: Gang Stole 9K Firm Client IDs
Eight individuals have been accused of purchasing credentials for computer servers of CPA and tax preparation firms. The eight, all Florida residents, were indicted on racketeering charges for allegedly stealing IDs from 9,000 firm clients and filing thousands of fraudulent tax returns, according to a partially unsealed indicment.
IRS Seeks Energy Guidance Comments
Three notices about possible changes to energy tax benefits have been submitted by the Internal Revenue Service. The IRS seeks the comments about possible extensions and enhancement to the benefits that were included in the Inflation Reduction Act.
IRS Hires 4,000 Customer Reps
The Internal Revenue Service has hired 4,000 additional customer service representatives this year. The agency said this month it intends to hire another 1,000 to help answer telephones—which have been understaffed in past years—and provide other services in the upcoming filing system.
Feds: Tax Atty. Helped Shelter $1B
A Dallas, Texas, tax attorney has been accused of allegedly helping high-net-worth clients conceal more than $1 billion in income. Joseph Garza this month was accused of helping cheating the Internal Revenue Service out of $200 million in taxes while lining his own pockets.
IRS Extends Fraud Reporting to ERCs
The Internal Revenue Services has extended the use of Form 3949-A, Information Referral to anonymously report fraudulent Employee Retention Credit claims by third-party vendors. The form had previously been used to anonymously report other forms of tax fraud.
Three Florida Preparers Sentenced
Three Florida tax preparers have been sentenced to prison for tax return fraud with one of them ordered to pay nearly $3.5 million in restitution to the Internal Revenue Service
Avalara Sold for $8.4 Billion
Sales tax vendor Avalara has been sold to Vista Equity Partners for $8.4 billion. Although two shareholders groups opposed the sale, with the support of Avalara management, the deal was approved overwhelmingly.
Preparer Gets 10 Years in $62M Fraud
Quin Ngoc Rudin, who caused $62 million in losses, has been sentenced to 10 years in prison, Rudin, 55, was guilty of cheating the Internal Revenue Service and Paycheck Protection Program through two fraud schemes via his Mana Tax Services inthe Los Angeles, Calif., area, while on supervised release on a conviction for another scheme.
Liberty Parent to “Unwind” LoanMe Biz
NextPoint Financial has announced it is bowing out of its LoanMe business. NexPoint acquired Loan Me and LibertyTax early in 2021, planning to cross sell services in a one-stop shop for small businesses.
IRS Revising Initial Letters
Initial contact letters are being revised by the Internal Revenue Service Independent Office of Appeals. The agency said this week it has made two keys revisions following feedback from taxpayers and practitioners.
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