Tax (1483)
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
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.
CPA Guilty in Tax Shelter Scheme
An Indiana CPA has pleaded guilty to preparing false tax returns for clients who illegally claimed millions of dollars in deductions. The scheme caused a tax loss of $2,532,936, according to the Internal Revenue Service.
Tagetik Tax Provisioning Debuts
Wolters Kluwer has introduced CCH Tagetik Tax Provision and Reporting offering data collection and group tax provision calculations.
IRS Issues Regs on Digital Assets
The Internal Revenue Service has issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency.
IRS Sets Excise Tax Regulations
The Internal Revenue Service has issued final regulations to provide guidance on how to pay the 1 percent excise tax on corporate stock repurchases.
Preparer Obtained Loans by Fraud
A Lawrence, Mass.-tax preparer has pleaded guilty to a obtaining a $2.1-million SBA loan by fraud. Luz Paulino, who was a fugitive in Panama for 19 months while on pre-trial release, admitted her crimes in a federal court in Boston.
IRS Offers Easement Settlement
The Internal Revenue Service has made a time-limited offer to taxpayers who participated in Syndicated Conservation Easements and similar transactions.
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