"
Tax

Tax (1435)

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

Bloomberg Debuts Tax Workpapers

 Bloomberg Tax & Accounting has introduced a tax workpapers application for corporate tax departments.

Read more...

Tagetik Tax App Enters NA

Wolters Kluwer has launched  its CCH Tagetik Global Minimum Tax application in North America.

Read more...

DIY eFiles Top Last Year

Self-prepared efiles for the tax season March 8 surpassed last year’s total through March 10, but barely. There were 31,521,000 DIY efiles for the year-to-date as reported, .1 percent over 31,498,000 in last year’s corresponding period.

Read more...

Preparer Gets 70 Months

A Mississippi tax preparer has been sentenced to almost six years in prison for return fraud that cost the United States more than $3.5 million in unwarranted refunds.

Read more...

IRS Direct File Pilot Opens

Direct File pilot program has launched in 12 states to enable taxpayers to file tax returns online for free with the Internal Revenue Service.

Read more...

Self-prepared Efiles Close on 2023

The number of returns for the week ended March 1, 54,030,000, was down 1.7 percent from 54,948,000 for the year ended March 3, 2023.

Read more...

Feds: Inmate Ran $550M ERC Scam

An inmate in a California prison has been charged with master-minding efforts to obtain $550 million in Employee Retention Credits. Inmate Kristopher Thomas also allegedly led a drug trafficking network that has seen 184 pounds of methamphetamine seized in several states.

Read more...

Preparer Guilty of Unemployment Fraud

A former tax preparer, Christopher Niebel, has pleaded guilty to a scheme that garnered him $512,000 in Pandemic Unemployment Assistance Funds. The charges were wire fried and aggravated identify theft.

Read more...

IRS Letters Target Big Nonfilers

The Internal Revenue Service says it is sending out 125,000 compliance letters to high-income taxpayers who have not filed returns since 2017. This includes the mailing of 25,000 letters to those with more than $1 million annual income. 

Read more...

Free File Returns Up 9.7 Percent

The Internal Revenue Service said this week 943,000 taxpayers had filed tax returns via  the IRS Free File program through February 24, a 9.7-percent increase over 869,000 filed in last year’s corresponding period. 

Read more...

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.