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...IRS Issues Guidance On Dependent Care
Unused dependent care from tax years 2020 or 2021 can be carried over to tax year 2021 and 2022 without being considered as employee wages, the Internal Revenue Service said this week. The guidance in Notice 2021-26 PDF was issued under terms of the coronavirus-related legislation—the Taxpayer Certainty and Disaster Tax Relief Act of 2020.
N.C. Preparer Draws 22 Months in Prison
A North Carolina tax preparer, who charged some clients up to $3,000 for preparing tax returns, has been sentenced to 22 months in prison. Karen Marie Jones of Durham, N.C., must also pay $1,264,493 in restitution to the United States and undergo three years of supervised release.
Pros Bring Efiling Ahead of 2020
Efiled returns from paid preparers increased their pace over 2020 tax season results while efiles from do-it-yourselfers failed to gain on last year’s total. That summarize the statistics the Internal Revenue released for the season through April 30, compared to the period ending May 1, 202
Liberty Tax Revenue Falls, Profit Rises
Liberty Tax has reported a 64.9-percent on 14.6-percent drop in revenue for the first quarter ended March 31. The numbers were reported this week as discontinued operations by the parent the Franchise Group.
TaxAct Federal Pricing Was Lowered
Blucora cut the pricing for its federal tax products for tax season 2021, the company said this week. It noted the action as it reported a 6.4-percent increase for its consumer tax business, but an 8.1-percent decline in its professional tax software sales
Pennsylvania Preparer Faces 29 Counts
A King of Prussia, Pa.-based tax preparer has been indicted on 29 counts of aiding and assisting in the preparation of false income tax returns. If convicted of all charges, Eric Amaefuna, 65, would face a maximum of 87 years in prison and a $7,250,000 fine.
Pro Efiles Gain 5.4 Percent Over 2020
Efiles from paid preparers totaled 58,506,000 for the 64 days ended April 16, a 5.4-percent rise over the 82 days ended April 17, 2020. Meanwhile, DIY users who owe money may be waiting on deadline as self-prepared returns have fallen behind the 2020 compared season at an accelerating rate over the last two reporting periods.
IRS: Virtual Settlement Month a Success
The Internal Revenue Service has deemed its first National Virtual Settlement Month in March a success. The agency said the effort led to the settlement of 148 Tax Court cases in the 50 states and the District of Columbia.
Pro Returns Pull Ahead of 2020
Efiles from professional preparers surged ahead of last year’s tax reasons. Meanwhile, self-prepared efiles for 2021 fell further behind the year ago totals.
Indictment: Attorney Helped Client Hide $225M
An. 82-year-old tax attorney, Carlos Kepke, has been accused of helping a client conceal $225 million in capital gains income. Kepke faces the federal charges while his client, Robert F. Smith, has avoided any prosecution by agreeing to testify against his former partner, Robert Brockman, who was charged in concealing $2 billion in income from the Internal Revenue Service.
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