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...Block Grew Wave Revs 30 Percent
H&R Block said that Wave revenue grew by 30 percent for the third quarter ended January 31. The tax services company made the comments during an earnings webcast.
Returns Filed Catch up by Five Points
The filing of tax returns continues to catch up with the 2020 season. The number of returns filed through March 5 were down by 18.1 from the corresponding period ended March 6, 2020, an improvement for being 23.7 percent behind last year in the prior weekly filing report.
Dallas Preparer Ordered to Pay $11.9M
A North Dallas, Texas, tax preparer has been sentenced to 3.5 years in prison and ordered to pay the government $11.9 million in restitution. Alma Jean Gilbert, age 54, was sentenced after pleading guilty to aiding and assisting in the preparation of a materially false tax return in October 2019.
Returns Up 30.5 Percent Over Prior Week
The Internal Revenue Service has received 45,271,000 returns for the tax season through February 26, a 30.5-percent increase from 34,693,000 reported the prior week. The numbers still lag behind 2020 as the recent statistics were for 15 filing days, as opposed to 33 days for the comparable period in 2020.
AICPA Wants Later Tax Deadline
The American Institute of CPAs has asked the Internal Revenue Service to extend this year’s tax filing and payment deadlines until June 15. This follows a letter earlier this week in which the AICPA urged the IRS and Treasury Department to give adequate notice of any postponements.
Read more...IRS Reports Eight Days of Filing
The Internal Revenue Service has reported there were 34,693,000 tax returns filed in the first eight days of the tax season. But the February 12 start to the season meant that the report for the period ended February 19 compared to the year earlier season-to-date which reflected 26 days of filing in 2019.
IRS Says Notice on 2019 Returns Unnecessary
The Internal Revenue Service this month issued notices to about 260,000 taxpayers that they have not filed 2019 federal tax returns. However, the IRS notes because it has not completed processing all 2019 returns, the CP59 notices should not have been sent.
Phishing Emails Seek Preparers’ EFINs
A scam email is attempting to trick preparers into providing the electronic filing identification and drivers’ license numbers. The Internal Revenue Service has reported the email says it is from “IRS Tax E-Filing" and warns preparers their ability to efile will be disabled if they do not comply.
Bloomberg Issues Tax Season Watch
Bloomberg Tax & Accounting has issued its annual Tax Season Watch, which features resources related to Covid-19 and tax filings and payments. The publication is available for a free trial through March 31.
N.C. Preparer Draws 50-Month Sentence
A Rocky Mount, N.C., tax return preparer has been sentenced to 50 months in prison. Adrienne Williams must also pay $4.8 million in restitution to the Internal Revenue Service.
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