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...Lenders Cut Liberty Parent Slack
Secured lenders of NextPoint Financial, which owns the Library Tax chain, have agreed temporarily not to declare the company in default of loan agreements of two of its operations.
Preparer Charged $1K for Basic Returns
An Illinois tax preparer has pleaded guilty to falsifying both her clients’ returns and her personal 1040s. Erica Early, formerly of Robins and Richton Park, Ill., caused the government a tax loss of about $515,990, according to the Internal Revenue Service.
IRS Warns of Refund Scam
The Internal Revenue Service is warning of a scam mailing leading individuals to believe they are owed the refund. The letter seeks a variety of detailed personal information from the recipients
Read more...IRS Notes New Efiling Rules
The Internal Revenue Service is noting that amended rules for efiling returns and other documents begins next year for tax year 2023.
Preparer Sentenced to Six Years
A tax preparer based in Riverside, Calif., has been sentenced to six years in prison and ordered to pay $3.4 million in restitution. Andrew Zepeda Hansack, age 40, drew the sentence for costing the Internal Revenue Service more than $3 million in tax losses.
ERCs Stall Amended Returns
Claims for the Employee Retention Credit are stalling the processing of amended returns for business. The annual report of National Taxpayer Advocate Erin M. Collins said the Internal Revenue Services is in a bind on these returns.
Texas Preparer Draws 41-month Sentence
A Texas tax preparer, who trained employees to create fraudulent tax returns, has been sentenced to 41 months in prison. Tamara Turner, aka Tamara Owens, drew the sentence in a conspiracy that saw two employees sentenced to two years’ probation each.
IRS Regs Proposed on Investment Credit
Proposed guidance has been issued by the Internal Revenue Service regarding implementation of the elective payment provisions of the Advanced Manufacturing Investment Credit.
Thomson Enhances SurePrep Integration
Thomson Reuters has enhanced the integration between GoSystem Tax RS and SurePrep. The company said recently it has provided Live Sync Integration between the products.
Three Years In Prison for Vegas Preparer
A tax preparer in Las Vegas, Nev., has been sentenced to three years in prison for tax return preparation fraud. Maria Magdalena Mendoza had pleaded guilty to preparing more than 700 returns that claimed $3 million in refunds.
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