The Progressive Accountant - Tax (1473)
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Tax 1460
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 Considers Taxes on State Payments
The Internal Revenue Service is working with states to clarify of questions involving special tax refunds or payments made by states in 2022. It hopes to provide clarify for as many states as possible this week.
IRS Opens 1099 Portal
An online portal has been established for the filing Form 1099 series information returns. The Internal Revenue Service has opened the Information Returns Intake System (IRIS), for free electronic filing of the forms.
Rocket Tax Launched
Robert Lawyer has introduced Rocket Tax, which matches taxpayers with professionals who can prepare their taxes.
IRS Starts Tax Season
The Internal Revenue Service has begun accepting tax returns as the 2023 tax filing season begins. The deadline for federal individual returns this year is April 18.
New IRSAC Members Named
Nine new members have been appointed to the Internal Revenue Service Advisory Council. The IRS has named the individuals to serve three-year terms beginning this month.
Free File Open for 2023
Free federal tax preparation and e-filing software is.now available through the Free File program. Qualified taxpayers can chose from tax software made by companies that are members.
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.
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