Tax (1446)

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

AICPA Makes 990 Suggestions

 The American Institute of CPAs  has suggested clarification and workarounds for the 990 Series Form instructions in a letter to the Internal Revenue Service.


Returns Gain on 2023 Results

 Returns for the current tax season were .5-percent higher than 2023 totals, according to the last week report issued by the Internal Revenue Service before the filing deadline.


Feds: Preparer Cost IRS $100M

 A New York tax preparer  has been charged with  tax return fraud that allegedly  cost the Internal Revenue Service more than $100 million over a decade. Rafael Alvarez is accused of filing tens of thousands of fraudulent returns.


IRS: Preparer Sought $150M in Refunds

 A New Jersey tax preparer has been accused of seeking more than $150 million in unmerited refundsfrom the Internal Revenue Service.


2024 Tax Returns Top 2023 

The number of income tax returns received by the Internal Revenue Service through March 29 topped the number received through March 31, the first time this season’s reported results have exceeded those in 2023.


FCC Orders Halt to Robocalls

 The FCC’s Enforcement Bureau ordered Veriwave Telco to halt its robocall campaign promoting a “National Tax Relief Program.” The FCC said the effort asked recipients for personal ID information.


IRS Finds $1B Incorrect ERC Claims

Erroneous claims for the Employee Retention Credit have topped $1 billion, the Internal Revenue Service said recently.


Texas Preparer Gets Three Years

A 45-year-old Texas-based tax preparer has been sentenced to three years in prison and ordered to pay $6.7 million in restitution to the United States.


O.C. Preparer Sentenced to 10 Years

A former tax preparer based in Orange County, Calif., has been sentenced to 10 years in federal prison and ordered to pay $1.2 million in restitution.


Corvee Adds Home Office Guidelines

 Corvee has added home0office deduction filing guidelines in its Instead and Instead Pro. 


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