Tax (1455)
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
Preparer Didn’t Pay $1.1M in Taxes
A Utah tax preparer has been sentenced to 37 months in prison for failing to pay $1.1 million in income taxes. Sergio Sosa, of Orem drew the term for conspiring to defraud the United States and obstructing attempts to collect amount owed.
Tax Season Starts January 23
This year’s tax season will begin on January 23, the Internal Revenue Service said this week. The filing deadline is April 18.
Preparers Must Repay $5.2 million
Two North Carolina tax preparers have been sentenced to prison and ordered to repay the United States about $5.2 million in restitution.
Taxes on Unemployment Pay Corrected
The Internal Revenue Service has completed final corrections who overpaid tax on unemployment compensation received in 2020. About 14 million returns were corrected.
IRS Guides on New CAMT
Interim guidance on the new corporate alternative minimum tax has been issued by the Internal Revenue Service.
IRS Raises Mileage Rate 3 Cents
The standard mileage rate for businesses is increasing by 3 cent per mile for 2023, the Internal Revenue Service said recently.
Preparer Stole Pension Checks
A Chicago, Ill., tax preparer, who embezzled her deceased grandmother’s pension checks, has been sentenced to seven years in prison. The preparer, Eunice Salley, must pay $558,369 in restitution to the United States.
Preparer to Forfeit $5 Million
A California tax preparer must forfeit slightly more than $5 million and serve 30 months in prison, following his guilty plea this month.
Drake: Tax Fees to Rise 10-Percent
Tax preparation fees will rise 10 percent year-over-year for the 2023 filing season. Those were the findings of a survey of 3,620 tax professionals conducted by Drake Softwaare
TurboTax Business Coming
Intuit was scheduled to make TurboTax Business available this month for tax year 2022. It will offer full-service and assisted tax services through the TurboTax Live program.
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