Tax (1538)
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
Professional Efiles Fall Sharply
Efiled tax returns submitted by professional preparers fell significantly behind the year ago totals in the latest tax season results. Figures from the Internal Revenue Service this week for the season through March 3 show the number of professional filed returns were 11.5 percent behind the total for last year’s season through March 5.
IRS Extends Tax Deadlines
The Internal Revenue Service has extended all tax deadlines through July 15. The action followed increasingly urgent requests for the IRS to match the extension of individual income taxes to the same date.
AICPA: CPA Job Nearly Impossible
The American Institute of CPAs has raised the level of urgency on the need for extensions for all filing and payment dates. A later dated April 7 from Barry Melancon, the Institute’s. CEO to Treasury Secretary Steve Mnuchin sounds a more serious alarm than a March 26 letter from the AICPA on the same subject.
Short Int'l Stays Don't Change Tax Status
International tax authorities are telling companies that if employees or directors are stuck in another country becuase of COVID-19-related issues their businesses are not automatically taxable. The guidance was issued in the United Kingdom, Republic of Ireland, Australia and the islands of Jersey and Guernsey.
AICPA Wants More Tax Relief
The Internal Revenue Service should develop a plan for the next phase of tax relief, according to the American Institute of CPAs. The AICPA outlined suggested issues in a March 26 letter to the IRS.
Crisis Hits Tax Season Totals
The statistics for the 2020 filing season had been catching up with 2019. That ended with the report for the season through March 27, compared to 2019 through March 29.
Block: No Tax Updates Until End
H&R Block says it will not provide updates on filings through its system for this tax season until it releases Fiscal 2020 results in June. The tax services company noted that with about one-third of a typical season completed for its Assisted and DIY offerings, it is difficult to predict changes in taxpayer behavior.
Do-It-Yourself Returns Surge
The number of tax returns filed with the Internal Revenue Service continues to be ahead of the 2019 season. But the story for the season through March 22 was that self-prepared efiled returns were 3.6 percent higher than or the corresponding period ending March 20, 2019.
IRS Suspends Installments, Seizures
The Internal Revenue Service has suspended Installment Agreements with payments due between April 1 and July 15. The agency said taxpayers unable to comply with terms of an Installment Payment Agreement, including a Direct Deposit Installment Agreement, may suspend payments due in that period.
Florida Preparer Faces 59 Counts
A Jacksonville, Fla.-based tax preparer faces 59 counts that stem from alleged tax return fraud over a four-year period. The preparer, Kenyan Shondre Scott, has been indicted on 55 counts of aiding and assisting others with the filing of false tax returns and four counts of filing false tax returns on his own behalf.
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