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...Sovos Buys 1099 Pro
Sovos, which markets indirect tax software, has acquired 1099 Pro. Terms were not disclosed.
Tax Industry Pushes Preparer Regulation
A group of organizations in the tax and accounting business are articulating their support of granting the Treasury Department the authority to regulate professional tax preparers
Intuit: Returns To Be Up 3 Percent
Intuit is predicting that the number of federal individual tax returns fuked will be up 3 percent for 2021 over the prior year. The software company had previously estimated the total would be about 1-percent higher than last year, CFO Michelle Clatterbuck said during the company’s recent webcast for earnings for the year ended July 31.
Child Tax Credit Portal Enhanced
The Internal Revenue Service has added the ability for families to update postal mailing addresses to the Child Tax Credit Update Portal. The IRS also plans to add other self-service features to the site this year.
TaxAct Price Lowered for Growth
Prices for federal TaxAct modules were lowered for the recent tax season, according to its parent company Blucora. CEO Chris Walters said during a recent earnings webcas for earnings for the second quarter ended June 30.
TaxBit Raises $130 Million
TaxBit has raised $130 million in Series B funding. The company, which makes cryptocurrency tax software for consumers and businesses, raised $100 million five months ago. The latest funding round was led by IVP and Insight Partners.
IRS Provides Gross Receipts Safe Harbor
A safe harbor has been issued that allows employers to exclude three categories of revenue from gross receipts for determining eligibility for the Employee Retention Credit. The action was taken this week by the Internal Revenue Service which issued Revenue Procedure 2021-33 PDF
Bloomberg Buys Tax Prodigy
The Bloomberg Industry Group has acquired Tax Prodigy, a step that enables it to enter the tax provisioning market. Terms were not disclosed.
Thomson Tax/Acct’ng Organic Growth: 10 Percent
Revenue for Thomson Tax & Accounting grew by 10 percent organically year-over-year for the second quarter ended June 30. The company said that is normalizing the numbers to remove the impact of the extension of the tax deadline in the United States to May 15 this. year and to July 15 last year.
Preparer Guilty in Second Tax Fraud Case
A Louisiana woman, already waiting to be sentenced in one fraud scheme, has pleaded guilty in a second. Brittany Patterson of Jefferson Parish, La., now awaits sentencing in two cases in which she prepared fake returns for others and claimed a fake dependent for herself in one instance.
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