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...IRS: Virtual Settlement Month a Success
The Internal Revenue Service has deemed its first National Virtual Settlement Month in March a success. The agency said the effort led to the settlement of 148 Tax Court cases in the 50 states and the District of Columbia.
Pro Returns Pull Ahead of 2020
Efiles from professional preparers surged ahead of last year’s tax reasons. Meanwhile, self-prepared efiles for 2021 fell further behind the year ago totals.
Indictment: Attorney Helped Client Hide $225M
An. 82-year-old tax attorney, Carlos Kepke, has been accused of helping a client conceal $225 million in capital gains income. Kepke faces the federal charges while his client, Robert F. Smith, has avoided any prosecution by agreeing to testify against his former partner, Robert Brockman, who was charged in concealing $2 billion in income from the Internal Revenue Service.
Efiles Close in On Last Year’s Pace
The pace of the filing of tax returns keeps approaching the totals in last year’s tax season. But the time for the totals to equal last year looks farther out than it did two weeks ago, although efiles for the shorter period this year are down by only 1.3 percent from a year ago's longer tax season.
Returns within 4.3 Percent of 2020
The number of returns received by the Internal Revenue Service for the 50 filing days ended April 2 reached 93,203,000, down 4.3 percent from the 97,366,000 received during the 60 days ended April 3, 2020. But instead of closing the gap on last year after pulling within .4 percent a week ago, the number of self-prepared returns fell back.
SafeSend Gets Funding
SafeSend has received an investment of an undisclosed amount for developing its SafeSend suite. The funding came from Lead Edge Capital, a growth-stage investment firm.
IRS Can Use Wide Summons for Crypto Investors
A District Court in Massachusetts has authorized the Internal Revenue Service to use a John Doe Summons to find cryptocurrency investors. The action enables the IRS to use the summons for investors in Circle Internet Financial and its affiliates, including Poloniex.
Pro Tax Filings Accelerate
Self-prepared returns almost caught up with last year’s tax season as the rate of filing by professionals accelerated. The DIY efiles were down .4 percent for the 43 filing days ended March 26, from the 61 days ended March 27, 2020.
CCH Tax Apps Get Crypto Links
Wolters Kluwer has added cryptocurrency integration to its CCH Axcess Tax and ProSystem fx Tax preparation applications. The integrations have been made available via partnerships with CoinTracker and Verady, which markets Ledgible Tax Pro.
IRS to Redo Taxes on Unemployment
The Internal Revenue Service will automatically recalculate taxes on unemployment benefits in light of the American Rescue Plan. The agency will automatically refund money for those who filed returns before the law was signed on March 11 and are eligible for such aid.
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