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...Preparer Guilty in Tax Shelter Fraud
An Arizona tax preparer has pleaded guilty to using an abusive-trust tax scheme to shelter more than $60 million in income from the Internal Revenue Service.
Block Tax Market Share Flat
H&R Block increased its market share with do-it-yourself filers but that was offset by a decline in market share with its assisted tax preparation, the company said in discussing its results for the first quarter ended March 31.
CPA Barred from Tax Scheme
A U.S. District Court has barred Aric Elliot Schreiner and his company, the Columbia CPA Group, from abusing the use of charitable remainder annuity trusts for tax dodges. He has also been ordered this month to disgorge $400,000 in proceeds he earned.
WK: Making Sure GenAI Is Accurate
Wolters Kluwer is introducing generative AI to its tax and accounting suite. The company has also taken steps to dramatically reduce the possibility of error—the widely talked about hallucinations.
IRS: More Audits on Wealthy
The Internal Revenue Service plans to increase the number audits of the wealthiest taxpayers and business organizations. The IRS emphasized it will not increase rates for small businesses and taxpayers making less than $400,000.
CCH AnswerConnect Gets AI
Wolters Kluwer has added Generative AI to CCH AnswerConnect. The company this week also introduced AI Labs, available by invitation only, for clients to preview beta versions of AI features in development.
Returns Rose 1.5 Percent
Tax season closed with a strong finish with returns exceeding 2023 totals by 1.5 percent. The Internal Revenue Service reported receiving 139,137,000 returns for the period ended April 19, up from 137,144,000 through April 21, 2023.
Direct File’s Future Being Studied
The Internal Revenue Service is studying the results of its Direct File Pilot that was conducted in 12 states during the recently ended tax season. The IRS said this month expects to reach a decision this spring.
Checkpoint Gets GenAI
Thomson Reuters has introduced Checkpoint Edge with CoCounsel, a chabot assistant which adds GenAI capabilities to tax research.
CPA Admits Embezzlement
A Springfield, Mo.-based CPA has admitted stealing about $432,981 from a trust fund under his control. Ray Leonard Marple, 61, faces up to 23 years in federal prison after he pleaded guilty to embezzlement this month.
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