Tax (1572)
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: Continue Sending Transcripts to Preparers
- Monday, 26 November 2018
- Tax
- Written by The Progressive Accountant
The American Institute of CPAs has proposed a method the Internal Revenue Services can use continue to send taxpayer transcripts to tax preparers. The organization’s suggestion follows the IRS' three-part plan for changing transcript processing, which would halt maiiing transcripts to third parties next year.
IRSAC: Defunding IRS Cost Up to $84 Billion
Internal Revenue Service funding cuts have cost the country between $58 billion and $84 million less tax revenue. That is an estimate from Internal Revenue Service Advisory Council, which issued its annual report for 2018 this week.
Head of Household Added to Due Diligence
- Tuesday, 13 November 2018
- Tax
- Written by The Progressive Accountant
The paid preparer due diligence requirement has been expanded to taxpayers claiming head of household filing status by the Treasury Department and the Internal Revenue Service. The requirement applies starting with 2018 individual returns prepared on or after November 7.
IRS Consolidating Advisory Committees
- Tuesday, 06 November 2018
- Tax
- Written by Patrick O'Leary
The Internal Revenue Service is combining three advisory committees. The agency said this week the Internal Revenue Service Advisory Council will be expanded to include areas now covered by the Information Reporting Program Advisory Committee and the Advisory Committee on Tax Exempt and Government Entities.
Liberty Sets Up Conduct Code Hotline
- Tuesday, 06 November 2018
- Tax
- Written by The Progressive Accountant
Liberty Tax has established a Code of Conduct hotline to report violations of the code, which was amended in July 2018. That change follows last year’s firing of CEO John Hewitt and the sale of his control of the copany this year, and issues which have been characterized as problems with the "tone at the top".
Free File Program Changing
The Free File program, which enables some taxpayers to use online tax preparation software for free, is receiving. The biggest change is software providers are being barred from pitching Free File users on services or products for which they charge.
CPA Allegedly Failed to Report $650K Income
- Monday, 29 October 2018
- Tax
- Written by The Progressive Accountant
A New Brunswick, N.J., CPA has been accused of failing to report $650,000 in income for his personal income tax returns for 2010 and 2011. Amit Govil, 58, was indicted this month on two counts of counts of making and subscribing to false tax returns.
IRS Urged to Drop Oral TIN Rule
The Internal Revenue Service should drop requirements for practitioners who call the agency to orally provide taxpayer identification numbers or dates of birth, an advisory committee has recommended. In its annual report, Information Reporting Program Advisory Committee urged the IRS to drop the requirement it made in January.
CCH Tax Analysis App Debuts
- Tuesday, 23 October 2018
- Tax
- Written by The Progressive Accountant
Wolters Kluwer had introduced CCH Axcess IQ, which is designed to analyze tax data. Shown at the company’s Connections user conference this week, IQ enables users to analyze the potential impact of tax legislation changes on clients.
N.J. Preparer Hit with New Charges
- Tuesday, 23 October 2018
- Tax
- Written by The Progressive Accountant
A Middlesex County, N.J., tax preparer, indicted on May 3 on tax charges, has been hit this month with 11 new counts of alleged tax fraud. David Patterson, age 37, is accused of falsifying client tax returns and also diverting a portion of their refunds to bank accounts he controlled.
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