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...Phishing Emails Seek Preparers’ EFINs
A scam email is attempting to trick preparers into providing the electronic filing identification and drivers’ license numbers. The Internal Revenue Service has reported the email says it is from “IRS Tax E-Filing" and warns preparers their ability to efile will be disabled if they do not comply.
Bloomberg Issues Tax Season Watch
Bloomberg Tax & Accounting has issued its annual Tax Season Watch, which features resources related to Covid-19 and tax filings and payments. The publication is available for a free trial through March 31.
N.C. Preparer Draws 50-Month Sentence
A Rocky Mount, N.C., tax return preparer has been sentenced to 50 months in prison. Adrienne Williams must also pay $4.8 million in restitution to the Internal Revenue Service.
Late Tax Season Start Cuts Intuit 2Q
Intuit says the late start to the tax season will cut from 23 percent to 25 percent of its revenue from the first quarter ended January 31. The company this week also adjusted its expected operating income to an operating loss.
Intuit can be expected to make up much of the revenue in the current quarter with the February 12 start to tax season. Last year's July 15 tax season deadline similarly moved a substantial amount of revenue from the April quarter to the July quarter.
The company expects revenue of $1.57 billion to $1.576 billion for the first quarter, down from the prior rang of $1,935 billion to $1.965 billion. Instead of operating income of $171 million to $191 million, Intuit now says it will reports an operating loss of $30 million to $25 million.
Earnings per share will drop significantly falling to six cents to seven cents per share, down from the previous expectation of 43 cents to 49 cent per share.
Read more...Tax Forums Go Virtual Again
The IRS Tax Forums will be held virtually again this year. Internal Revenue Service announced the format as it said registration this year opens on March 1 for 2021 IRS Nationwide Tax Forum and Expo.
Preparer to Pay $1.2 Million Restitution
A Maryland man working as a tax preparer in New Jersey has been sentenced to five years in prison. Joseph Kenny Batts, age 52, of Elkridge, Md., was ordered to pay $1.2 million in restitution to the Internal Revenue Service.
SafeSend Rebrands, Refreshes
SafeSend has rebranded and overhauled its website. The company, whose software automates assembly, delivery and e-signing of prepared returns, said it has also added resources to the site
Court Bars Repeat Tax Prep Offenders
A federal court has barred a West Palm Beach, Fla., tax return preparer and her business from preparing federal income tax for others. The action was taken against Lena Cotton, who has been held in contempt of court for twice violating court orders. and her business Professional Accounting LDC LLC.
IRS Names Experience Officer
- Monday, 01 February 2021
- Tax
- Written by Patrick O'Leary
The Internal Revenue Service has named Ken Corbin as its first chief taxpayer experience officer. He will assume those duties while continuing in his role as IRS wage and investment commissioner, the agency’s largest operating division.
TaxAct Opens Pro Assistance Service
TaxAct has opened a service via which its customers can receive support from tax professionals. TaxAct Xpert Help enables users to connect with advisors via an in-product link.
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