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Tax

Tax (1438)

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

IRS Hiring 3,700 Revenue Agents

The Internal Revenue Service intends to hire more than 3,700 revenue agents to expand enforcement work involving complex partnerships and large corporations and high-income individuals. The focus is on those with annual incomes of more than $400,000 and partnerships with complex issues.

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IRS Prioritizes High-income Cases

The Internal Revenue Service plans to intensify its work on accounts of high-income taxpayers, and will increase its use of artificial intelligence on large partnerships. The IRS said it will also ensure audit rates will not increase for those earning less than $400,000 a year.

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Bloomberg Releases Compliance Tracker

 Bloomberg Tax and Accounting has introduced Compliance Tracker, a workflow tool available on Bloomberg Tax Research. The company said this week Tracker automates tracking and gathering of federal and state tax deadlines and forms.

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FTC Wins Ruling Against Intuit

The Federal Trade Commission has won a administrative ruing against Intuit for what it claimed were deceptive ads used by Intuit which offered free tax filing products. Intuit said it will appeal the decision.

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Preparer Must Disgorge $324,432

 A Galveston, Texas, preparer who fudged a substantial number of 4,000 federal income tax returns from 2017 through 2012 must disgorge $324,432 to fees he collected to the United States.

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IRS: Efile $10K Cash Payments

Businesses that report cash payments of more thaN $10,000 must efile their reports starting January 1, the Internal Revenue Service said this weekThis applies to those required to file at least 10 information returns other than Form 8300. 

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Intuit Pushing Full-service Prep

Intuit is investing in its full-service offering for TurboTax live. CEO Sasan Goodrzi said during a recent webcast for earnings for the year ended July 31. That came as the TurboTax Live offering showing 17-percent revenue growth year-over-year.

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IRS Extends Roth Catch-up Time

 Higher-income participants of 401(k)s and similar retirement plans have until 2026 to make an catch-up contributions. These must be designated as after-tax Roth contributions.

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Blue J Debuts AI-Based Tax Research

 Ask Blue J, which utilizes generative artificial intelligence, has been introduced for tax research by Toronto, Ont.-based Blue J.

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Preparer Must Repay $3.8 Million

 

A Westminster, Calif.-based tax preparer, who used stolen identities, must repay $3.8 million to the Internal Revenue Service and serve 41 months in prison. after being stenced this month.. He obtained the IDs from a corrupt social worker for a variety of fraudulent uses.

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