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

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IRS Names New Council Members

John Ams, National Society of AccountantsThe Internal Revenue Service has appointed seven new members to the Internal Revenue Service Advisory Council. The group, which has 17 returning members next year, provides a forum for IRS officials and representatives of the public to discuss key tax administration issues.

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Preparers Must File Due Diligence Checklist

irslogoThe Internal Revenue Service has issued final regulations that require paid tax return preparers to file a due diligence checklist next year. Starting January 1, they must file Form 8867, with any federal return claiming the Earned Income Tax Credit, which is currently required to be completed and retained in a preparer's records, subject to IRS review.

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RALS to Be Extinct After Tax Season

/republic bank newRefund Anticipation Loans will disappear from the market next year. Republic Bank and the Federal Deposit Insurance Corporation have reached an agreement under which the bank, a subsidiary of Republic Bancorp, must shut down the program by April 30. Republic is the last financial institution left that offers RALs. A proposed civil money penalty of $2 million against the Bank is also being reduced to $900,000. Read more...

Block to Offer Free RACs; Fires at Intuit

Jason Houseworth, H&R BlockH&R Block used an investor's day this week  to come out with all guns blazing at the rest of the tax preparation market, especially Intuit. Executives said that in the next tax season the company would offer free RACs, expand its Emerald Card program by 1 million and challenged Intuit's assumption that digital tax preparation is outstripping assisted preparation.

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Drake to Launch Portal

Drake logoDrake Software is readying SecureFilePro, a file exchange portal that will be ready for tax season. Franklin, N.C.-based Drake says the product will launch next month. SecureFilePro gives tax professionals a customized web address and the ability to brand the site with their businesses' name and logo. Taxpayers will also be able to upload documents such as tax returns.

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IRS Lists CPE Provider Standards

irslogoThe Internal Revenue Service has established standards for organizations to become IRS-approved Continuing Education Providers. The agency also set requirements for IRS CE Accrediting organizations.This is part of the process for implementing continuing education requirements for tax return preparers. Those required to take the Registered Tax Return Preparer competency test before the end of 2013 must complete 15 hours of courses next year.

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Intuit Offering Free Tax Advice Via TurboTax

TurboTax logoIntuit is offering taxpayers free advice via TurboTax for 2011. The company says that purchasers of the latest version of its dominant consumer tax preparation package can get advice from professionals via phone or live chat as part of its "Ask a Tax Expert Service." The system also offers tax preparation and filing via the iPad.

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IRS to Hold Meetings on Real-time Tax System

Douglas ShulmanThe Internal Revenue Service is planning a series of public meetings to solicit opinions about long-time changes to the tax system. Starting with a December 8 meeting in Washington D.C., these events will focus on moving away from the current "look back" compliance system and changing to a real time system in which returns are matched when they are first filed. The change was outlined in April by IRS Commissioner Douglas Shulman. Read more...

Man Blaming TurboTax Beats IRS

A taxpayer who blamed TurboTax for failing to pick up an error in calculation has defeated the Internal Revenue Service in tax court. Kurt Olsen, a patent attorney in the Department of Energy, won against the IRS in its attempt to assess an accuracy-related penalty for understating the amount of taxes owed by $9,297. The tax court cited unique facts in the case in ruling that Olsen and his wife were not liable for the $1,859 penalty for tax year 2007. The ruling was a summary opinion, which cannot be treated as a precedent in other cases.

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IRS Launches Preparer Exam

The Internal Revenue Service has launched the Registered Tax Return Preparer competency test. The test is part of the IRS' effort to regulate paid tax preparers. Those required to take the test have until Dec. 31, 2013 to pass it. Test scheduling begins next week.

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