Tax (1536)
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
Five Texas Pros Get Prison
Five Texas tax preparers have been sentenced to prison for submitted bogus returns with the manager of Waco-based Tax World, Labanda Loyd, drawing a term of four years three months.
IRS Shows Returns Flat
Total tax returns received through March 10 were .1 percent lower than the number received by the Internal Revenue Service through March 11, 2022. But the number of efiles submitted for the same period were up 2 percent year-over-year, according to the latest numbers from the IR
Read more...ID Thieves Claimed $111M in Refunds
A group that used stolen identities of accountants and taxpayers filed at least 371 bogus returns that claimed $111 million in tax refunds, the Justice Department has charged. Six individuals, lead by Abraham Yusuff, of Round Rock, Texas, re accused of conducting the scheme from 2016 through 2019.
Tax Season Trends Hold
Total returns and efiles up slightly, pro efiles up, self-prepared down, average refund down. Those trends have held in the last three weeks as shown by the tax season report from the Internal Revenue Service through March 3, compared to last season through March 4, 2022.
IRS Expands Scanning Program
The Internal Revenue Services has scanned 120,000 paper version of Form 940 this season, the agency said the week. And under Digital Intake programw, scanning wiill soon be epanded to paper 1040s and 941s.
In-Person IRS Tax Forums Return
The Internal Revenue Service has opened registration for the 2023 IRS Nationwide Tax Forums. The five-city events will be held in-person for the first time since 2019.
Avalara Widens Property Tax Platform
Avalara has introduced Avalara Property Tax, which is designed to handle both real and personal property tax management.
CPA Robbed Widow, Avoids Jail
An CPA who stole $140,000 from a widow avoided jail but agreed to give up his professional licenses. According to reports from Tri-States Public Radio, the victim in the case was not happy with the plea deal involving Allan Reusch, CPA.
Pro Tax Revs Rise 6.8 Percent
Revenue for Intuit highly profitable professional tax segment reached $253 million for the second quarter ended January 31, an increase of 6.8 percent from $237 million the prior year.
Read more...IRS Returns Up 2.6 Percent
The number of returns filed for the week ended February 17 was up. 2.6 percent from the season to date Feb. 18, 2022, the Internal Revenue Service said this week.
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