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...TaxAct Offering Pro Prep Services
TaxAct, which makes consumer and professional tax software, is offering complete preparation service through tax professionals. The new service, including full return preparation, will debut this month while TaxAct is also offering free consultative service.
IRS to Issue Child Tax Credit letters
The Internal Revenue Service will issue information letters to Advance Child Tax Credit recipients starting this month. It will also begin sending letters to recipients of the third round of the Economic Impact Payments at the end of January.
IRS Raises Biz Milage for 2022
The standard mileage rate for miles driven for business use will rise to 58.5 cents per mile for 2022. The Internal Revenue Service this week that is up 2.5 cents per miles from 2021.
IRS Seeks ETAAC Members
The Internal Revenue Service is seeking nominees to join its Electronic Tax Administration Advisory Committee. The agency is seeking up to 10 individuals to serve three-year terms starting in September.
Tax Software Vendor Raises $8 Million
FlyFin, which targets freelance workers and the self-employed, has raised $8 million. The seed and pre-Series A round funds will be used to develop the company’s artificial-intelligence based tax preparation software.
Read more...Intuit Lists Tax Software Updates
Intuit has published a list of new features for its ProConnect TaxOnline, Lacerte and ProSeries software.
Federal Preparer Prosecutions Down
Prosecutions of abusive tax preparers fell sharply in Fiscal 2021 from Fiscal 2020, according to a recently released report from the Internal Revenue Service. The IRS Criminal Investigation annual report for 2021 show prosecution recommendations for to 90 last year, off 38 percent from 2020.
Preparer Indicted in $7.3M Alleged Fraud
A Florida tax preparer has been indicted on charges he fraudulently obtained more than $7.3 million from three government loan programs. Barrie J. Osborne, 76, of Celebration, was also accused with laundering the proceeds.
IRS Debuts New ID Tool for Online Access
The Internal Revenue Service has introduced what it says is an improved identity verification and sign-in process for securely accessing and using IRS online tools and applications. The agency says the process reaches more people through the expanded use of ID documents and increased help desk assistance for verifying taxpayer identities.
IRS Raises Online Transcript Limits
The Internal Revenue Service has increased the number of transcripts that can be ordered for each client. The IRS this week said tax professionals can order up to 30 Transcript Delivery System transcripts per client through the Practitioner Priority Service line.
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