The Progressive Accountant - Tax (1473)
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Tax 1460
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 Admits PPP Loan Fraud
A San Fernando Valley, Calif.-based CPA has pleaded guilty to helping a client fraudulently obtain a $1.2-million Paycheck Protection Loan. The accountant, Bernard Turk of Tarzana, this month pleaded guilty to one count of wire fraud.
Georgia Preparer Must Repay $11.1M
A Georgia preparer, who was the last to be sentenced in a nationwide tax fraud, drew 51 months in prison this month. Yomarie Febres of Covington, Ga., one of more than 200 conspirators, must also repay $11.1 million in restitution to the Internal Revenue Service.
Bloomberg Names RSM Implementer
RSM US has been selected as the Certified Implementer of Bloomberg Tax Provision and Bloomberg Tax Fixed Assets.
IRS Hiring 470 Revenue Agents
The Internal Revenue Service this month is interviewing candidates for 470 jobs as revenue ages. The agents specialize in auditing or examining business taxpayers nationwide.
N.C. Preparer Gets 41 Months
A North Carolina tax preparing has been sentenced to 41 months in prison for tax fraud in which he trained employees to prepare fraudulent returns. Joseph Octave, 49, also told employees not to give clients copies of their own returns.
Webinar Focuses on Scams, ID Theft
The Internal Revenue Service and the Federal Trade Commission are holding a free webinar to held attendees deal with tax combat tax scams and tax-related identity theft.
ETAAC: IRS Must Cut Paper Use
The Internal Revenue Service must take steps to cut the amount of paper documents it must handle. That summarizes a recommendation of the Electronic Tax Administration Advisory Committee in its annual report to Congress.
CrossLink Buys Two Businesses
CrossLink Professional Tax Solutions has acquired two tax-related software companies. The company this week said it has acquired TaxProFirm, and Audit Allies Association.
Preparer Pleads in Failure to Pay $750K
A tax preparer based in Orem, Utah, has pleaded guilty to failure to pay more than $750,000 in personal income taxes. Sergio Sosa, the preparer admitted in June to failing to file personal file returns from 2003 through 2017.
Crowe Sells Three Tax Products
Accounting firm Crowe has sold three of its Crowe Tax Technology applications to K1X, which is owned by Mudita Venture Partners and Geralyn Hurd. Terms were not disclosed
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