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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Louisiana Preparer Defied Court Ban

A Louisiana preparer has pleaded guilty to four counts of preparing fraudulent tax returns. Shawanda Nevers, 49, pleaded guilty to filing bogus returns between 2011 and 2016 even though a court banned her from preparing federal returns in 2014. She owes the Internal Revenue Service almost $7 million.

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Wolters Kluwer: Cloud Products Growing

Nancy McKinstry, Wolters KluwerWolters Kluwer says its CCH Axcess line is seeing accelerating growth. The company made the statement this week as it released financial results for the half ended June 30. CEO Nancy McKinstry said during an earnings webcast that the "cloud is beginning to have more impact on our growth" and singled out Axcess Tax for delivering a 50-percent increase in users over the prior year.

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IRS to Pilot Appeals Web Conferencing

The Internal Revenue Service Office of Appeals expects to begin testing a web-based virtual conference option next week. The web option is designed for taxpayers and their representatives who are not located near an IRS Appeals office.

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Florida Preparers Guilty of ID Theft

dojTwo Broward County, Fla., tax preparers have pleaded guilty to using stolen identities to file tax returns. Luczor Fertilien, 39, and David Joseph, 37, who owned two tax preparation businesses in Lauderhill, Fla., cost the government more than $550,000 in lost taxes by their actions.

 

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N.C. Preparer Indicted for Fraud

DOJA North Carolina man, who allegedly did not identify himself as a paid prepared on client tax returns, has been indicted on several charges. Hassie Demond Nowlin of Greensboro, N.C., has been charged with corruptly endeavoring to obstruct and impede the Internal Revenue Service, preparing and filing fraudulent tax returns, bankruptcy fraud and making false bankruptcy declarations.

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Advocate: Collectors Hit the Poor

Nina E. Olson, National Taxpayer AdvocatePrivate collection agencies hired by the Internal Revenue Service to collect delinquent taxes are disproportionately chasing bills owed by low-income taxpayers, according to the mid-year report to Congress by the National Taxpayer Advocate. The Taxpayer Advocate Service found 23 percent of those contact by PCAs to be below the federal poverty level with 53 percent below 250 percent of that level.

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IRS Reopens PTIN System

The Internal Revenue Service has reopened its Preparer Tax Identification Number system. The agency closed the PTIN operation after a United States District Court decided on June 1 that the IRS can require use of the numbers but has no legal right to charge fees for issuing or renewing PTINs.

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Phishing eMail Targets Tax Pros

IRSTax preparers are receiving phishing emails purporting to originate from a tax software education provider in the United States. The Internal Revenue Service said recently the latest communication seeks a wide range of information, including e-Services logons and preparers' mothers' maiden names.

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Block CEO Touts 2017 Success

Bill Cobb, H&R Block H&R Block experienced a victory in its year ended 2017, outgoing CEO Bill Cobb said in a recent earnings webcast. The company had the strongest new client growth in years and significantly improved client retention while taking market share in both assisted and do-it-yourself returns.

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IRS Adds Features to Online Accounts

IRSThe Internal Revenue Service has added several features to online accounts for individual taxpayers, including the ability to view up to 18 months of tax payment history. They can also see payoff amounts and tax balances due for each tax year via the accounts. 

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