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...New CCH Axcess Tax Bundle Debuts
Wolters Kluwer Tax & Accounting has introduced a new tax product bundle for firms with up to 19 staff members. CCH Axcess Tax Pro brings together CCH Axcess Tax and CCH ProSystem Scan and Autoflow.
Intuit: TurboTax Units to Grow 6 Percent
Intuit expects that the number of TurboTax units sold during the 2021 tax season will grow 6 percent year-over-year. The company made the forecast during this week’s release of financial results for the third quarter April 30.
Block Gains Market Share
H&R Block estimates it gained .3 percent market share for the recently ended tax season, the company said this week. Block also believes it gained about .7 percent share in the Assisted category.
IRS Tax Forums Start in July
The 2021 Virtual IRS Nationwide Tax Forums will begin on July 20, the Internal Revenue Service announced this week. The events will be held every Tuesday, Wednesday and Thursday for five weeks.
CPA Allegedly Stole $200K from Booster Club
A CPA, who is the president of a Charlotte, N.C., high school booster club and his wife have been accused of stealing $200,000 from the group. The CPA, Anthony Sharper, has also been indicted for allegedly fraudulently obtaining $236,000 in PPP loans to cover up the theft.
Returns Jump Ahead of 2020 by 4.5 percent
The number of income tax returns received by the Internal Revenue Service jumped ahead of 2020 totals by 4.5 percent for the most recently reported period. That came as efiles submitted by tax professionals soared ahead of last year by 17.5 percent in a report that covered all by the last three days of this year’s filing season.
Pro Efiles Soar in Latest Tax Season Report
The 2021 tax season is taking on a new character as efiles from paid preparers continue to grow over the year-ago period. After being 7.6-percent ahead of the 2020-pace in the prior report from the Internal Revenue Service, the total for the period, ended May 7, 2021, was 10.6 percent over the period ended May 8, 2020.
Intuit: TurboTax Live Up 70 Percent
Intuit expects that customer growth for TurboTax for the third quarter ended April 30 will be more than 70 percent higher than a year ago. The company also said that business for growth of QuickBooks Online in this country is above pre-pandemic levels.
IRS Issues Guidance On Dependent Care
Unused dependent care from tax years 2020 or 2021 can be carried over to tax year 2021 and 2022 without being considered as employee wages, the Internal Revenue Service said this week. The guidance in Notice 2021-26 PDF was issued under terms of the coronavirus-related legislation—the Taxpayer Certainty and Disaster Tax Relief Act of 2020.
N.C. Preparer Draws 22 Months in Prison
A North Carolina tax preparer, who charged some clients up to $3,000 for preparing tax returns, has been sentenced to 22 months in prison. Karen Marie Jones of Durham, N.C., must also pay $1,264,493 in restitution to the United States and undergo three years of supervised release.
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