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
IRS Cites Improved Services
The Internal Revenue Service reports that it has made significant progress in services stemming from increase funding provided by the Inflation Reduction Act.
Acc’Tant Failed to Report $1.4M
A Connecticut accountant has pleaded guilty to failing to report more than $1.4 million in business income.
Biz Tax Accounts Enhanced
The Internal Revenue Services has added the ability for business taxpayers to view and make balance-due payments in their business tax accounts.
Block Revs Up, Return Down
H&R Block registered a 5-percent increase in revenue from assisted tax preparation for the year ended June 30, despite a 1.3-percent decline in return volume year-over-year. Both assisted and do-it-yourself return revenue benefited from an increase in the net average charge per return.
Anti-Scam Task Force Created
A new task force aimed at combating scams aimed at taxpayers and tax systems has been formed by theInternal Revenue Service, state tax agencies and other members of the tax industry.
Ac’ting Professor Convicted
An accounting professor has been convicted for evading about $1.25 million in income taxes. This month, Gordian A. Ndubizu, 69, of Princeton Junction was convicted for four counts of tax evasion and four counts of filing false tax returns from 2014 through 2017.
IRS Updates Security Plan Tax
The Internal Revenue Service and the Security Summit partners have made available a updated Written Information Security Plan for tax professionals this week.
QB Payroll Withholding Changing
Intuit is changed how it handles automated taxes for QuickBooks Online Payroll customers. The change is being rolled out to new subscribes start this month and continuing through September 30.
IRS Nixed 28K ERC Claims
The Internal Revenue Service has issued 28,000 letters disallowing Employee Retention Credit claims. The IRS said this were sent to business whose claims showed a high risk of being incorrect with the disallowances estimated to save $5 billion in payments.
Preparer Draws 77 Months in Prison
A Texas tax preparer has been sentenced to more than six-and-a-half years in prison for siphoning off more than $2.6 million in client refunds.
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