The Progressive Accountant - Tax (1553)
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Tax 1540
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...CPA Guilty in Shelter Scam
A Georgia CPA has pleaded guilty to charges involving a wide-ranging conspiracy to promote of abusive syndicated conservation easement tax shelters. Herbert Lewis, an Atlanta-based CPA, made the plea in a case in which two men have received length prison sentences.
Read more...IRS Targets Abusive Partnerships
The Internal Revenue has introduced new steps to crack down on abusive partnership transactions that are used by wealthy taxpayers to avoid paying taxes.
IRS Touts Forum Line Up
The Internal Revenue Service says its 2024 Nationwide Tax Forum, includes 45 continuing education sessions, with six in Spanish. Attendees can earn up to 19 credits by attending the forum, the agency noted this month.
Scarsdale CPAs Plead Guilty
Two CPAS based in Scarsdale, N.Y.—one described by local reports as a hero volunteer fireman—have pleaded guilty to scheming with clients to reduce taxes and hid wages paid to employees. George Sanossian and Jack Sardis, who will be sentenced in September, have also agreed to pay restitution of $652,883.60, to the Internal Revenue Service and New York State.
IRS: Direct File Stays
The Internal Revenue Service is making its Direct File program a permanent option for filing federal tax returns in the 2025 tax season.
Tax Pro Nailed on 33 Fraud Counts
A tax preparer, who claimed to be an expert on issues involving Australian expatriates, has been found guilty of 33 counts of tax fraud. John Anthony Castro, owner of Castro & Co., a virtual tax firm, was found guilty by a judge in a Texas District Court in a bench trial recently/
Corvee Adds Strategies to Instead
Corvee has added nine strategies and updated two others for its Instead and Instead Pro applications. The company said this week the system also offers a new experience “with AI at the center.”
Free File Extended Five Years
The Internal Revenue Service and Free File Inc. have agreed to extend the Free File program through October 2029. The program is in its twenty-second filing season.
TurboTax Shifts to Higher-Paying Filers
Intuit is shifting away from an emphasis on free-filers and the lower-paying cusomters in its TurboTax business.
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.
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