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
Tax Season Begins January 27
Tax season will begin on January 27, the Internal Revenue Service said this week. That is the day the IRS will begin accepting and processing returns.
IRS Issues 2020 Mileage Rates
The Internal Revenue Service has issued the standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The standard rate for vehicles driven for business purposes is 57.5 cents per mile for 2020, down a half cent from the 2019 figure.
New Free File Agreement Reached
The Internal Revenue Service has reached a new agreement with Free File Inc. that should eliminate complaints made about Intuit and H&R Block during last year. FFI members agreed recently not to exclude the Free File Landing page from Internet searches.
Big Sales Tax Changes Ahead in 2020
As we prepare to close out 2019, it’s no overstatement that this year has been a wild ride for sales tax. An astonishing amount of states enacted sweeping changes to their sales tax collection laws. Expect 2020 to be equally exciting, in different ways.
Read more...New Form W-4 Finalized
The Internal Revenue Service has made the 2020 Form W-4 available at IRS.gov. The finalized version of the form is described as better incorporating changes brought about by the Tax Cuts and Jobs Act.
Lacerte Supports Simultaneous e-file
Lacerte now allows multiple users to e-file simultaneously, among improved e-file features the company announced this month for the tax software package. Intuit also rolled out additions to ProSeries and ProConnect Online for tax year 2019.
Twelve IRSAC Members Named for 2020
The Internal Revenue Service has appointed 12 new members to the Internal Revenue Service Advisory Council. The IRS this month appointed the 12 individuals to three-year terms on the committee, an organized public forum for IRS officials and representatives of the public to discuss various issues in tax administration.
Intuit Tax Apps to Link with Karbon
Intuit has reached an agreement to integrate its professional tax applications with Karbon. The deal announced this week is likely a precursor to integration of the tax packages with other practice management software titles.
Sovos Releases Annual VAT Trend Report
Sovos has issued its annual report on global value-added tax (VAT) mandates and compliance this week. The publication “Trends in Continuous Global VAT Compliance,” provides a guide to global VAT enforcement regulations and delivers strategic recommendations for businesses.
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.
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