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
AICPA Wants More Tax Penalty Relief
- Monday, 28 January 2019
- Tax
- Written by The Progressive Accountant
Taxpayers need additional and more extensive relief from penalties for withholding and estimated tax payments, the American Institute of CPAs said this week. The AICPA wrote to leaders of the U.S. Department of the Treasury and Internal Revenue Service saying relief is needed because so many are unable to adjusting withholding and estimated payments for 2018 because of the changes brought about by the Tax Cuts and Jobs Act.
Tax Court Lists Cancelled Sessions
- Saturday, 26 January 2019
- Tax
- Written by The Progressive Accountant
The United States Tax Court, which shut down operations on December 28, has listed trial sessions it has cancelled. The court this week also outlined what taxpayers can do to find out about rescheduling trials and about bills received for amounts subject to dispute in the court.
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The United States Tax Court, which shut down operations on December 28, has listed trial sessions it has cancelled. The court this week also outlined what taxpayers can do to find out about rescheduling trials and about bills received for amounts subject to dispute in the court.Final QBI Guidance Issued by IRS
- Sunday, 20 January 2019
- Tax
- Written by The Progressive Accountant
Final regulations and related guidance have been to implement the qualified business income deduction (section 199A deduction). Released by the Treasury Department and the Internal Revenue Service issued the deduction is available for tax years beginning after Dec. 31, 2017.
Estimated Tax Penalty Threshold Lowered for 2018
- Wednesday, 16 January 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is waiving the penalty for many taxpayers whose withholding and estimated tax payments fell short of what they owed for 2018. The IRS said there is no penalty for those who paid at least 85 percent of their tax liability for the year, down from the previous 90 percent threshold.
TaxJar Raises $60 Million
- Tuesday, 15 January 2019
- Tax
- Written by The Progressive Accountant
Sales tax software company, TaxJar has closed a $60 million equity round of funding. The company, which serves eCommerce businesses and developers, says it will use the proceeds to expand its employee base and speed up product development and research.
IRS Opens Free File Season
- Monday, 14 January 2019
- Tax
- Written by The Progressive Accountant
The IRS Free File program has begun for this year’s tax season. The free online software program, accessible through IRS.gov, is available for qualifying taxpayers to use in advance of the filing season, which begins on January 28.
IRS Restarting IVES, Other Fee-based Services
- Thursday, 10 January 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has resumed processing requests for transcript information made through the Income Verification Express Service. Processing resumed on January 7 for transcript information.
Tax Filing Season Starts January 28
- Tuesday, 08 January 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service says processing of tax returns will begin on January 28. And despite the government shutdown, the administration promised this week refunds will be issued to taxpayers.
Updated TaxAct Features Outlined
- Sunday, 30 December 2018
- Tax
- Written by The Progressive Accountant
Enhanced side-by-side form views have been added to TaxAct Professional. In outlining changes to 2018 software, the company said recently users will be able to compare all forms from the current and prior years side by side.
IRS Halting Transcript Faxing
- Thursday, 20 December 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service will stop its tax transcript faxing service as of February 4. The decision applies to business tax and individual tax transcripts. The IRS said it is another step in protecting data, which started with the IRS’ masking personally identifiable information on the transcription starting last September.
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