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...Ac’ting Professor Convicted
An accounting professor has been convicted for evading about $1.25 million in income taxes. This month, Gordian A. Ndubizu, 69, of Princeton Junction was convicted for four counts of tax evasion and four counts of filing false tax returns from 2014 through 2017.
IRS Updates Security Plan Tax
The Internal Revenue Service and the Security Summit partners have made available a updated Written Information Security Plan for tax professionals this week.
QB Payroll Withholding Changing
Intuit is changed how it handles automated taxes for QuickBooks Online Payroll customers. The change is being rolled out to new subscribes start this month and continuing through September 30.
IRS Nixed 28K ERC Claims
The Internal Revenue Service has issued 28,000 letters disallowing Employee Retention Credit claims. The IRS said this were sent to business whose claims showed a high risk of being incorrect with the disallowances estimated to save $5 billion in payments.
Preparer Draws 77 Months in Prison
A Texas tax preparer has been sentenced to more than six-and-a-half years in prison for siphoning off more than $2.6 million in client refunds.
Thomson Cites SurePrep, Audit
Revenue from SurePrep and Audit, along with its Latin American businesses, were listed as key contributors to the performance of Thomason Reuters Tax & Accounting for the second quarter ended June 30.
IRS Enhances Online Accounts
The Internal Revenue Services has issued new features for online and digital products, including several enhancements to Individual Online Accounts.
Bloomberg Enhances Workpapers
Bloomberg Tax & Accounting has added an AI formula generator to Bloomberg Tax Workpapers. The company also added more integrations with Bloomberg Tax’s Fixed Assets and Tax Provision packages.
IRS Issues Updated RMD Rules
The Internal Revenue Service has issued updated regulations regarding required minimum distributions from retirement plans, retaining a requirement about beneficiary distributions.
ProConnect, Tax Advisor Bundled
Intuit is now bundling its tax planning software with its online tax system. The company said this month ProConnect Tax now includes Intuit Tax Advisor.
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