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 Suspends Installments, Seizures
The Internal Revenue Service has suspended Installment Agreements with payments due between April 1 and July 15. The agency said taxpayers unable to comply with terms of an Installment Payment Agreement, including a Direct Deposit Installment Agreement, may suspend payments due in that period.
Florida Preparer Faces 59 Counts
A Jacksonville, Fla.-based tax preparer faces 59 counts that stem from alleged tax return fraud over a four-year period. The preparer, Kenyan Shondre Scott, has been indicted on 55 counts of aiding and assisting others with the filing of false tax returns and four counts of filing false tax returns on his own behalf.
Tax Season Normal—So Far
The number of returns received by the Internal Revenue Service is falling into a normal range. The agency reported that returns received through March 8 were up .1 percent over the 2019 season ended March 6.
House to IRS: Delay Filing Deadline?
The House Ways and Means Committee wants the Internal Revenue Service to say if the April 15 tax filing deadline should be extended. The committee this week sent the IRS the letter asking about a possible extension because of the coronavirus outbreak.
Credits and Incentives Portfolio Available
Bloomberg Tax & Accounting has made available a new Tax Management Portfolio—Credits and Incentives: Multistate Considerations and Planning. The recently released treatise details state and federal tax credits and incentives.
Tax Season Creeps Upward
Results for the current tax season for the period ended February 28 edged up from the week ended February 21. Total returns were up .1 percent from the comparable period ended March 1, 2019 and better than the .1 percent drop from this year’s prior report.
Bloomberg Issues Tax Season Watch
Bloomberg Tax & Accounting has released Tax Season Watch this week. The product offers content and analysis related to federal and state issues developed for the 2019 tax year.
TurboTax Live Helps Intuit Grow Share
Intuit has grown market share in consumer tax preparation in the current tax season, the company said this week. And CEO Sasan Goodarzi said TurboTax Live, via which consumers can get advice from tax professionals, is a factor.
TaxAct Has Sluggish Season Start
TaxAct got off to a slow start for the current tax season, Chris Walters, CEO of parent company Blucora said this month. However, Walters said the product line typically lags the market but catches up as the season develops.
Tax Pro Ordered to Pay $2.6 Million
An Austell, Ga.-based tax preparer has been ordered to pay $2,601,957 in restitution to the Internal Revenue Service. Thomas Holmes was ordered this month to pay that amount this month and sentenced to three years one month in prison.
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