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
Liberty Tax Settles with Federal Agencies
The Franchise Group, the parent of Liberty Tax Service, will change its tax compliance program in order to end invesitgations by two federal agencies. The company this week also agreed to a three-year-oversight of the compliance program by an independent monitor.
N.J. Tax Prep Couple Sentenced to Prison
A New Jersey husband and wife tax preparer team drew his-and-her sentences recently for their role in fraud involving filing Hawaii tax returns. Mylove D. Tetterton, 45, of East Orange, N.J was sentenced to 12 years in prison but because they have young children Tetterton will serve her term after her husband, 44-year-old Anthony Hodges, completes his five-year term in a New Jersey state prison,
CryptoTrader.Tax Pro Suite Launches
CryptoTrader.Tax for professionals has debuted. The publisher CryptoTrader.Tax said this week the application is designed to help tax professionals assist clients with cryptocurrency tax reporting.
SurePrep Receives Investment
SurePrep has received what the company termed this week “a significant minority investment” from private capital firm Bregal Sagemount. The amount of the investment was not disclosed
IRSAC: IRS Phone Answering Plunges
Enforcement and hiring is down. But something that directly affects taxpayers and professionals alike suffered dramatically during the last tax year—the number of telephone calls answered by the Internal Revenue Service.
CPA Defrauded Employer, Clients of $7 Million
A CPA based in Lebanon, Mo., has been convicted of fraud that included using $72,704 in client funds to pay off his Chevrolet Corvette. Douglas A. Richardson, 46, transferring $4.4 million from a former employer while stealing from clients—taking $7 million from both.
Preparer Guilty in Client Check, ID Theft
A Lake Worth, Fla., tax preparer has been found guilty of government money theft, aggravated identify theft and of preparing false tax returns. Larry Senat, 38, forged his signature on a $9,800 tax refund check and took $1,000 from each client’s refund, besides charging fees.
Thomson Touts Integrating Technology
Thomson Reuters is working to integrate customer productsm CEO James Smith said week. Smith made the comment during the webcast for earnings for the third quarter ended September 30.
Former Preparer/Cop Sentenced in Fraud
A Plainfield, N.J.-based tax preparer has been sentenced to 30 months in prison for filing fake returns both for clients and himself. Samuel Davis Jr., 54, a former N.J. State Police officer, received the term after pleading guilty to conspiring to defraud the IRS, falsifying his tax returns and witness tampering.
WK Adds Client Collaboration
Wolters Kluwer Tax & Accounting has introduced CCH Axcess Client Collaboration. The latest addition to the cloud-based product line, Client Collaboration enables firms to send and receive a variety of documents.
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