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...Liberty Tax Receives Takeover Bid
Liberty Tax, whose ownership changed hands during the summer, has received a bid for all outstanding share at $13 per share. That is about $182 million based on shares reported outstanding in the company’s most recent Form 10-K.
IRS Proposes Foreign Tax Credit Regs
- Wednesday, 28 November 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has issued proposes regulations on foreign tax credits for businesses and individuals for tax years starting with 2018. The regulations would implement changes made under the the 2017 Tax Cuts and Jobs Act.
Ohio Accepts Bitcoin for Biz Tax Payments
Ohio has become the first government agency in the world to accept Bitcoin for tax payments. The state has opened a website, OhioCrypto.com, to accept the cryptocurrency for payment 23 kinds of business taxes, including sales and withholding taxes, with other cryptocurrencies to be considered.
Canopy Plans Tax Prep Software
- Tuesday, 27 November 2018
- Tax
- Written by The Progressive Accountant
Canopy, which makes practice management and tax resolution software, plans to introduce a tax preparation package next summer. The Lehi, Utah-based company said its cloud-based application will integrate with its other products to provide a client tax management suite.
IRS Proposes Regs On Biz Interest
- Tuesday, 27 November 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has issued proposed regulations regarding limitations on interest expense. The proposals affect some small businesses whose gross receipts are $25 million or less under provisions of the Tax Cuts and Jobs Act.
AICPA: Continue Sending Transcripts to Preparers
- Monday, 26 November 2018
- Tax
- Written by The Progressive Accountant
The American Institute of CPAs has proposed a method the Internal Revenue Services can use continue to send taxpayer transcripts to tax preparers. The organization’s suggestion follows the IRS' three-part plan for changing transcript processing, which would halt maiiing transcripts to third parties next year.
IRS Warns of Phising eMails
- Monday, 19 November 2018
- The Progressive Accountant - Tax
- Written by The Progressive Accountant
The Internal Revenue Service and Security Summit are warning the public of fraudulent emails which claim to be providing information on tax transcripts. The emails are designed to entice users to open documents containing malware.
IRSAC: Defunding IRS Cost Up to $84 Billion
Internal Revenue Service funding cuts have cost the country between $58 billion and $84 million less tax revenue. That is an estimate from Internal Revenue Service Advisory Council, which issued its annual report for 2018 this week.
Head of Household Added to Due Diligence
- Tuesday, 13 November 2018
- Tax
- Written by The Progressive Accountant
The paid preparer due diligence requirement has been expanded to taxpayers claiming head of household filing status by the Treasury Department and the Internal Revenue Service. The requirement applies starting with 2018 individual returns prepared on or after November 7.
IRS Consolidating Advisory Committees
- Tuesday, 06 November 2018
- Tax
- Written by Patrick O'Leary
The Internal Revenue Service is combining three advisory committees. The agency said this week the Internal Revenue Service Advisory Council will be expanded to include areas now covered by the Information Reporting Program Advisory Committee and the Advisory Committee on Tax Exempt and Government Entities.
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