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Tax

Tax (1438)

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

IRS Seeks Input on ADR Programs

Public input on improvements to post-filing alternative dispute resolution programs is being sought by the Internal Revenue Service. Comments can be sent to the This email address is being protected from spambots. You need JavaScript enabled to view it.by August 225. Public comments can be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. by Aug. 25, 2023.

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IRS Monitoring ERC Claims

The Internal Revenue Service has heightened its scrutiny of aggressive marketing of Employee Retention claims. 

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Liberty Tax Parent's Assets on Block

The assets of NextPoint Financial, parent of Liberty Tax Services, have been placed up for bid as the company reorganizes in Canada. Its senior lender has agreed to buy substantially all of NextPoint’s assets for up to $281 million.

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CrossLink Buys uTax Software

CrossLink Professional Tax Solutions has acquired uTax Software, a tax preparation service bureau Terms were not disclosed..

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IRS Ending Most Surprise Visits

 The Internal Revenue Service is ending most unannounced visits to taxpayers by agency revenue officers. It is a major policy change affecting a decades-old practice.

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Security Template Offered Tax Pros

A templated security plan has been made available to tax professionals by the Internal Revenue Service and its Security Summit partners.  The publication is designed to make data security planning easier.

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IRS Touts Center Reopenings

 The Internal Revenue Service has listed 32 taxpayer assistance centers which have reopened since August 2022 because of funding in the Inflation Reduction Act.

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Preparer Paid for Maserati, Not Her Taxes

 A Texas tax preparer who bought a Bentley and a Maserati while failing to pay her own income taxes has been sentenced to 12 years in prison. Cheryl Christin Kissentaner also claimed state income tax credits for her Texas clients in a state without an income tax.

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Liberty Parent Looks at Restructuring

 NextPoint Financial, parent of Liberty Tax Service, has hired Peter Kravitz of Province Fiduciary Service as its chief restructuring officer., in whtat has been a tumultuous twoyears.

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Lenders Cut Liberty Parent Slack

 Secured lenders of NextPoint Financial, which owns the Library Tax chain, have agreed temporarily not to declare the company in default of  loan agreements of two of its operations.

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