Tax (1585)
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 Seeks Advisory Committee Members
- Monday, 11 January 2021
- Tax
- Written by Patrick O'Leary
Applications are being sought for nominations to the Electronic Tax Administration Advisory Committee, the Internal Revenue Service said this week. The committee is designed to provide an organized public forum for discussion of electronic tax administration issues, such as prevention of identity theft and refund fraud ETAAC member also work closely with the Security Summit to fight electronic fraud.
IRS: Create Chief Taxpayer Experience Officer
The Internal Revenue Service should have a senior level Chief Taxpayer Experience Officer, the agency recommended this week. The new position was one of several organizations the IRS proposed in a report to Congress this week in its Taxpayer First Report.
Private Agencies Collect 1.79% on Overdue Tax Accounts
Private collection agencies have collected $498.4 million in commissionable payments from the $30.1 billion in accounts assigned to them. That rate of 1.79 percent collected may stem from the fact the average age of the accounts.
N.C. Preparer Draws Three-Year Sentence
A tax preparer who operated from Jacksonville, N.C., between 2012 and 2018, has been sentenced to three years in prison for preparing false tax returns. Gene Hersholt Williamson II was also ordered to pay $637,000 in restitution.
Brothers' Advice Led to $1.2B Phony Deductions
Two brothers who were partners in an accounting firm in Atlanta, Ga., have pled guilty in a scheme that enabled clients to claim more than $1.2 billion in fraudulent tax deductions. Stein Agee and Corey Agee pled guilty to one charge of conspiracy to defraud the United States.
RSM Expands Tax Tech Consulting
RSM US has added five leaders to its national tax technology consulting team. That includes the arrival of Lauren Demas and Michael Polan as partners and Patty Esslinger, Warsame Mohamud and David Schwartz joined as senior directors.
SafeSend Organizers Introduced
SafeSend has introduced an organizer that gives the preparers the ability to send 1040 client organizers electronically. SafeSend Organizers automatically read PDFs from tax preparation packages and converts them to a fillable format.
Canopy Enhances Notices Tool
- Thursday, 17 December 2020
- Tax
- Written by Patrick O'Leary
Canopy has enhanced its Notice tool that is designed to reduce time and complexity professional deal with regarding notices from the Internal Revenue Service. The tool draws up an expanding data of IRS notices that enables users to more quickly understand their implications.
Emerald Card to Broaden as Banking Platform
H&R Block plans to expand its Emerald Card as a banking platform. The company said this month that the first step is to make it available digitally.
Regs Issued on Transportation, Commuting Expenses
The Internal Revenue Service has issued final regulations on the deduction of transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act.
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