The Progressive Accountant - Tax (1600)
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Tax 1587
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...IRS Issues Proposed Regs on Small Biz Tax Accounting
- Friday, 31 July 2020
- The Progressive Accountant - Tax
- Written by Bob Scott
The Internal Revenue Service has issued proposed regulations that updates rules for the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act. These apply to tax years beginning in 2019 and 2020. The new rules apply to taxpayers having inflation-adjusted average annual gross receipts of $26 million or less (known as the gross receipts test). Taxpayers classified as tax shelters cannot use these rules.
DIY Returns Boost H&R Block
A 10.6-percent rise in do-it-yourself online filings led H&R Block to a 3.3 percent in tax returns prepared for the 2019 tax year. Block this week said it prepared 21.2 million returns for the year through July 17.
Liberty Returns Fall 11.5 Percent
Liberty Tax prepared about 1.15 million federal income tax returns through July 15, its parent, the Franchise Group reported this week. That was down 11.5 percent from 1.3 million for the 2019 season
Big DIY Rise Boosts Tax Season
A 22.8-percent rise in self-prepared efiles lifted the extended tax season to a 4-percent increase in returns. The Internal Revenue Service has reported that 151,782,000 were filed for the season through July 17 compared to 145,941,000 filed through July 19, 2019.
IRS Offers Tax Prep Security Info
The Internal Revenue Service and its Security Summit partners are beginning a five-part information initiative about security. The series is designed to provide information for tax professionals who are working outside their offices.
Tax Returns Up 1 Percent for 2020
The number of tax returns filed with the Internal Revenue Service through July 10 were 1-percent higher than in the season through July 12, 2019. In this virus-extended season, that was the first time the IRS reported that big an increase over the prior year.
IRS Establishes 2021 PTIN Fees
The Internal Revenue Service has set 2021 fees for application or renewal of Preparer Tax Identification Numbers. The fee is $21 fee per PTIN application or renewal (plus a $14.95 fee payable to a contractor).
New Jersey Preparer Indicted
A tax preparer based in Atlantic County, N..J., has been accused of filing phony tax returns for her clients and her own federal income tax returns. Michele Griffin, age 40, of Galloway, N.J., has been arrested following a 19-count indictment recently.
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.
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