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...Returns Lag by Season’s Final Lap
The number of tax returns received by the Internal Revenue Service for the season through June 26 were 3.5 percent behind the numbers received through June 28, 2019. And return processing remained behind a year ago by double digits.
Taxpayer Advocate: 4.7M Paper Returns on Hold
There is a backlog of 4.7 million paper income tax returns, according to this year’s report from the National Taxpayer Advocate. In addition about ten million pieces of mailed tax returns and correspondence is sitting in Internal Revenue Service trailers.
H&R Block Making House Calls
H&R Block is offering pick service for tax documents in three cities. The service is being offered in Detroit, Mich., Pittsburgh, Pa., and San Diego, Calif., to clients who can schedule pickups with Block associates.
Tax Season Delay Hurts Block Results
The delayed tax season and a goodwill write down for its Wave operations led H&R Block to a sharp drop in earnings and revenue for the year ended April 30. Net income dropped 53.9 percent to $369 million for fiscal 2020, compared to $799 million for fiscal 2019.
Block: DIY eFiles Artificially High
Increases in self-prepared efiles reported by the Internal Revenue Service are artificially high, H&R Block said this month. The company said in reporting its results for the year ended April 30 that the DIY total has been pushed up by those seeking government assistance
IRS Guides on Leave-based Donations
- Thursday, 11 June 2020
- Tax
- Written by Patrick O'Leary
The Internal Revenue Service says donations to charitable organizations that provide relief to victims of the COVID-19 pandemic in exchange for sick, vacation or personal leave which their employees forgo will not be treated as compensation. Gudiance was delivered under Notice 2020-46
Thomson: Tax Departments Short on Resources
A majority of corporate tax departments do not have enough resources, according to a recently released study by Thomson Reuters. However the survey also showed that only one third of in-house units plan to increase their staffs.
Self-Prepared Return Gains Continue
Self-prepared tax returns efiled with the Internal Revenue Service through May 29 have already exceeded the total for calendar year 2019 by 3.8 percent. While many balance due returns are likely to arrive near the extended filing deadline of July 15, the rise in do-it-yourself units demonstrates that category's continued gain in market share.
IRS to Add E-filing for 1040-X
The Internal Revenue Service said recently that during the summer taxpayers can electronically file Form 1040-X for the first time. Once the capability is available only 2019 Forms 1040 and 1040-SR returns can be amended electronically.
Read more...Tax Season Delay Shifts Intuit Revenue
The extension of the income tax filing season from April 15 to July 15 removed a chunk of revenue from Intuit’s results for the third quarter ended April 30. Consumer tax revenue was off by 15 percent and professional tax revenue by 17.8 percent.
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