The Progressive Accountant - Tax (1550)
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Tax 1537
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
View items...CrossLink Buys Two Businesses
CrossLink Professional Tax Solutions has acquired two tax-related software companies. The company this week said it has acquired TaxProFirm, and Audit Allies Association.
Preparer Pleads in Failure to Pay $750K
A tax preparer based in Orem, Utah, has pleaded guilty to failure to pay more than $750,000 in personal income taxes. Sergio Sosa, the preparer admitted in June to failing to file personal file returns from 2003 through 2017.
Crowe Sells Three Tax Products
Accounting firm Crowe has sold three of its Crowe Tax Technology applications to K1X, which is owned by Mudita Venture Partners and Geralyn Hurd. Terms were not disclosed
Intuit Readying New Tax Planner
Intuit will introduce the Intuit Tax Advisor during the summer, the company says on its website this month. Tax Advisor is described as providing substantially broader tax planning capabilities than the currently available Lacerte Tax Planner,
Intuit Targets CPA/EA Biz
Intuit is continuing to go after the assisted tax preparation market. And the new head of the company’s consumer tax business, EVP Varun Krishna, this month talked about being “able to offer a more disruptive offering”
More Forms to be Electronically Amended
The Internal Revenue Service has increased the number of forms that can be amended electronically. The IRS said this month the additions will aid it in working on its backlog of amended returns.
IRS Completing 1040 Backlog
The Internal Revenue Service will complete work on the backlog of 1040 paper returns from 2021 this week, according to the agency. Business returns from last year will be completed “shortly after”, it said.
TurboTax Extensions Doubled
The number of extensions filed by TurboTax users doubled during the last filing season, Intuit EVP Varun Krishna said this month. Krishna said the rise came as the Internal Revenue Service reported a 50-percent increase in extensions year over year.
IRS Widens Use of Voice Bots
The Internal Revenue Service has expanded the use of voice bots to help verify taxpayers their identifies to set up or modify a payment plan.
Preparer Pleads in Biz Sale Scam
A Nevada tax preparer who used police lights on his car and posed as FBI agent to collect a fee, has pleaded guilty in a case involving ID theft and money laundering. King Isaac Umoren, 41, of Las Vegas was also charged with using a phony client list to sell his business for $3.8 million.
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