Tax (1512)
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
CCH AnswerConnect Gets AI
Wolters Kluwer has added Generative AI to CCH AnswerConnect. The company this week also introduced AI Labs, available by invitation only, for clients to preview beta versions of AI features in development.
Returns Rose 1.5 Percent
Tax season closed with a strong finish with returns exceeding 2023 totals by 1.5 percent. The Internal Revenue Service reported receiving 139,137,000 returns for the period ended April 19, up from 137,144,000 through April 21, 2023.
Direct File’s Future Being Studied
The Internal Revenue Service is studying the results of its Direct File Pilot that was conducted in 12 states during the recently ended tax season. The IRS said this month expects to reach a decision this spring.
Checkpoint Gets GenAI
Thomson Reuters has introduced Checkpoint Edge with CoCounsel, a chabot assistant which adds GenAI capabilities to tax research.
CPA Admits Embezzlement
A Springfield, Mo.-based CPA has admitted stealing about $432,981 from a trust fund under his control. Ray Leonard Marple, 61, faces up to 23 years in federal prison after he pleaded guilty to embezzlement this month.
IRS Appeals Forms Dispute Unit
The Internal Revenue Service Independent Office of Appeals has formed an Alternative Dispute Resolution Program Management Office.
Preparer Faces Contempt Charge
A Hialeah, Fla.-based tax preparer has been charged with contempt of court for continuing to prepare taxes for others even though she was banned from the business.
IRSAC Members Sought
The Internal Revenue Service is seeking applications for the 2025 Internal Revenue Service Advisory Council (IRSAC) through May 31 for terms beginning in January and is also looking for nominees for a new subcommittee focused on fairness issues.
Tax Season Ended with a Bang?
The finally totals are not in yet but through April 12, the number of returns received by the Internal Revenue Service were 1.9 percent higher than 2023 through April 14. That compared to this season’s total through April 5. running up .5 percent over the year ago figures.
Corvee Adds Depreciation Strategies
With Instead and Instead Pro, users can utilize depreciation to find and compare tax savings for assets categorized as residential, nonresidential, technology and electronics, office furniture and fixtures, vehicles, land improvements and specialty properties.
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