Tax (1536)
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: Direct File Stays
The Internal Revenue Service is making its Direct File program a permanent option for filing federal tax returns in the 2025 tax season.
Tax Pro Nailed on 33 Fraud Counts
A tax preparer, who claimed to be an expert on issues involving Australian expatriates, has been found guilty of 33 counts of tax fraud. John Anthony Castro, owner of Castro & Co., a virtual tax firm, was found guilty by a judge in a Texas District Court in a bench trial recently/
Corvee Adds Strategies to Instead
Corvee has added nine strategies and updated two others for its Instead and Instead Pro applications. The company said this week the system also offers a new experience “with AI at the center.”
Free File Extended Five Years
The Internal Revenue Service and Free File Inc. have agreed to extend the Free File program through October 2029. The program is in its twenty-second filing season.
TurboTax Shifts to Higher-Paying Filers
Intuit is shifting away from an emphasis on free-filers and the lower-paying cusomters in its TurboTax business.
Preparer Guilty in Tax Shelter Fraud
An Arizona tax preparer has pleaded guilty to using an abusive-trust tax scheme to shelter more than $60 million in income from the Internal Revenue Service.
Block Tax Market Share Flat
H&R Block increased its market share with do-it-yourself filers but that was offset by a decline in market share with its assisted tax preparation, the company said in discussing its results for the first quarter ended March 31.
CPA Barred from Tax Scheme
A U.S. District Court has barred Aric Elliot Schreiner and his company, the Columbia CPA Group, from abusing the use of charitable remainder annuity trusts for tax dodges. He has also been ordered this month to disgorge $400,000 in proceeds he earned.
WK: Making Sure GenAI Is Accurate
Wolters Kluwer is introducing generative AI to its tax and accounting suite. The company has also taken steps to dramatically reduce the possibility of error—the widely talked about hallucinations.
IRS: More Audits on Wealthy
The Internal Revenue Service plans to increase the number audits of the wealthiest taxpayers and business organizations. The IRS emphasized it will not increase rates for small businesses and taxpayers making less than $400,000.
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