Tax (1547)
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
Self-Prepared E-files Rise
Do-it-yourself tax preparation showed continued strength as the Internal Revenue Service issued statistics for tax season through February 7. The total was up by 3.5 percent over the period ended Feb. 8, 2019 while professionally filed returns dropped by 3.7.
Early Tax Results Look Familiar
The first filing statistics for tax season showed only 15,777,000 returns received through January 31—four days of filing. But the overall pattern of figures reported by the Internal Revenue Service resemble the shape of past seasons.
IRS Adds ID Theft Reporting Page
The Internal Revenue Service has created Identity Theft Central, which is designed to provided information for identifying and reporting ID theft. Information offered includes ways taxpayers can protect themselves against tools such as phishing and online scams.
Group: IRS Should Create Practitioner Division
The Internal Revenue Services should create a Practitioner Services Division, a group of industry organizations has recommended. The American Institute of CPAs and nine other organization made the proposal recently for steps the IRS should take in implementing the Taxpayer First Act
IRS Enables e-Filing of Form 1023
The Internal Revenue Services has revised Form 1023, which charities use to apply for Section 501(c)(3) tax-exempt status. This enabled e-filing of the form, which started on January 31.
Louisiana Trio Accused of Return Fraud
Three Louisiana tax preparers have been accused of a variety of tax return offenses, including charging fees as high as $1,100 for preparing returns and often deducting these from client refunds. The three—Morgan Antoine, Jennifer Austin, and Brittany Patterson—were indicted on a variety of counts involving return and wire fraud and aggravated identity theft.
Tax Season 2020 Kicks Off
With no government shutdown to deal with this year , the Internal Revenue Service kicked off the 2020 tax season today with relative ease. It began accepting and processing federal tax returns for tax year 2019.
Intuit Talks of Third-Party Tax Links
Intuit continued its move toward opening up its professional software packages with third-party products, The tax software company had signaled that direction in December when it announced a plan to integrate professional tax applications, starting with ProConnect Tax Online with Karbon, a practice management software line.
IRS Worker In Alleged Fraud
An Internal Revenue Service employee in Massachusetts has been accused of filing more than 590 false tax returns. Jennifer Beth True, 44, of Lawrence, Mass., was charged with wire fraud and aggravated identity theft this month.
Late Politician’s CPA Sentenced
John H Nardozzi, CPA to the late State Senator Brian Joyce of Massachusetts, has been sentenced to 18 months in prison and three years of supervised release. Nardozzi was convicted after an October trial of helping Joyce hide $600,000 in income from 2011 through 2014.
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