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 Completing 1040 Backlog
The Internal Revenue Service will complete work on the backlog of 1040 paper returns from 2021 this week, according to the agency. Business returns from last year will be completed “shortly after”, it said.
TurboTax Extensions Doubled
The number of extensions filed by TurboTax users doubled during the last filing season, Intuit EVP Varun Krishna said this month. Krishna said the rise came as the Internal Revenue Service reported a 50-percent increase in extensions year over year.
IRS Widens Use of Voice Bots
The Internal Revenue Service has expanded the use of voice bots to help verify taxpayers their identifies to set up or modify a payment plan.
Preparer Pleads in Biz Sale Scam
A Nevada tax preparer who used police lights on his car and posed as FBI agent to collect a fee, has pleaded guilty in a case involving ID theft and money laundering. King Isaac Umoren, 41, of Las Vegas was also charged with using a phony client list to sell his business for $3.8 million.
IRS Hikes Mileage for 2H 2022
The Internal Revenue Service is hiking standard mileage for business travel for the second half of 2022. An increase to 62.5 cents per mile will be in effect starting July 1.
IRS Seeks More than 4,000 Reps
The Internal Revenue Service this month is holding virtual and in-person information events in support of its effort to hire more than 4,000 customer service representatives. The effort comes as the the ability of the IRS to provide service declined during the pandemic.
Preparers Charged in ID Theft Case
Two Orange County, Calif., tax preparers have been charged in a case involving ID information provided to them by a social worker. The preparers, Anton Nguyen and Rosemary Pham, have pleaded not guilty to conspiring to defraud the United States.
Texas Couple Sentenced in Tax Fraud
A couple who operated a tax preparation business in Duncanville, Texas, have been sentenced to more than 30 months each in prison. Valcencia Janee Mack and former husband, Rodney Lamond Bowman, drew the sentences for return fraud.
Taxpayer Trust of IRS Drops
Taxpayers’ trust of the Internal Revenue Service has dropped from 2020, according to a survey conducted in the fall of 2021. At the same time, trust in the agency’s ability to fairly enforce tax laws dropped to 66 percent from 72 percent.
Bloomberg Debuts New Portfolio
Bloomberg Tax & Accounting has introduced a new Tax Management Portfolio. The publication, Global Intangible Low-Taxed Income, was written by Libin Zhang of Frank, Harris, Shriver & Jacobson.
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