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...IRS Names Eight ETACCT Members
The Internal Revenue Service has named eight individuals to its Electronic Tax Administration Advisory Committee (ETAAC). The new members have been appointed to three-year terms that start this month.
Improperly Forgiven PPP Loans Taxable
The Internal Revenue Service noted this week proceeds from loans under the Paycheck Protection Program are taxablei if they are improperly forgiven . The IRS issued the guidance recently dealing with forgiveness based on taxpayer misrepresentations or omissions.
Ryan Buys OneSource Property Tax
Ryan has acquired OneSource Property Tax from Thomson Reuters.The software line includes a system for managing property tax, including real and personal property.
Guilty Preparer Made Millions on Stolen IDs
A tax preparer who made $1 million a year on selling stolen IDs has been sentenced to 12 years in prison and ordered to forfeit $14.6 million and pay restitution of $44.8 million.
Preparer Shorted IRS of $1 Million
A Texas preparer, who spent more than $114,000 for entertainment, has been convicted of hiding more than $1 million in income.
AICPA Wants 1040 Crypto Clarification
The American Institute of CPAs has asked the Internal Revenue Service to revise the virtual currency question on the 2021 Form 1040. Among recommendations made by the organization was for clarification of the meaning of virtual currency.
IRS Seeks Video Conferencing Input
The Internal Revenue Service is inviting public input about best practices for conducting video conferences for those with appeals cases pending. Interim guidance on video conferencing was issued in March 2020 in reaction to the COVID-19 pandemic, and now the IRS Independent Office of Appeals is considering permanent guidelines
Intuit Debuts Tax Planner
Intuit has introduced the Intuit Tax Advisor that is designed to help advisors provide tax planning and advisory services. The system integrates with the Lacerte and ProConnect Tax systems.
U.S. TurboTax Units Flat in FY 2022
A 1-percent increase in TurboTax Online units was countered by similar decline in TurboTax desktop units left the total with no change for Intuit’s unit sales in the United States for the year ended July 31.
Preparer Pleads in $11.8M PPP Scam
A California tax preparer has become the third defendant to plead guilty in a falsely obtaining at least $11.8 million in Paycheck Protection Program loans. Thanh Ngoc Rudin, 58, a principal in Mana Tax Services, also pleaded guilty this month to filing bogus returns on behalf of at least nine professional athletes.
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