The Progressive Accountant - Tax (1599)
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Tax 1586
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...Some Taxpayer Centers to Open Saturdays
Some Taxpayer Assistance Centers, usually closed on Saturdays, will be open on four weekends through May. The Internal Revenue Service said this week select TACS will open 9 am to 4 pm, February March 12, April 9 and May 14.
AICPA Urges IRS to Shift Staff
The American Institute of CPAs has called upon the Internal Revenue Service to action quickly to reassign staff to service centers. The IRS said recently it is considering that step to help alleviate the backlog in tax returns.
Sentenced Preparer Hid $200K Assets
A tax preparer, who sent more than $300,000 to his native Cameroon, to pay for apartment building construction, has been sentenced to one year and one day in prison for tax filing fraud. Jean Mpouli of Seattle, Wash., who was convicted of four counts of aiding and abetting the filing of false tax returns caused the government a tax loss of $3.5 million.
Coalition: IRS Compliance Action Not Enough
The Tax Professionals United for Taxpayer Relief has welcomed the Internal Revenue Service’s decision to suspend some taxpayer notices during the upcoming season. But the group says it’s only a “good first step”.
SafeSend Adds Extensions
SafeSend has enhanced its platform to send extension package sto clients digitally. The company says SafeSend Extensions can send a package in less than three minutes.
IRS Hiring 200 More Attorneys
The Internal Revenue Service plans to hire up to 200 more attorneys to combat abusive tax schemes. The Office of Chief Council this week said the will help combat syndicated conservation easements, abusive micro-captive insurance arrangements and other tax schemes.
Surgent Intros Mobile App
Surgent Accounting & Financial Education launched a mobile app that for those using its exam review courses. The company says the Surgent's Study Companion generates tailored plans and materials for "microbursts" of study
Advocate: IRS Buried in Paper
The Internal Revenue Service still has millions of unprocessed tax returns from 2021, according to Erin M. Collins, national taxpayer advocate. In her annual report to Congress, Collins noted this month, “processing delays led to a cascade of customer service problems.”
Tax Chain Founder Sentenced
More than eight years after a judge ordered his Instant Tax Service closed, founder Fessum Ogbazion, of Cincinnati has been sentenced to prison. Ogbazion must serve one year and one day for tax fraud charges and repay the government $933,708.
Bloomberg Tax Provision Enhanced
The Bloomberg Tax Provision has been automated for full valuation allowance and an upload template for performing a payable true up report. The enhanced software is based on the Tax Prodigy Provision, acquired last year.
Sales Tax Assessment Tool
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