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 to Publish Spanish 1040
The Internal Revenue Service will publish Form 1040 in Spanish for the first time for the 2021 filing season. Taxpayers will also be able to choose to be contacted in languages other than English.
Block: Definition of Assisted Is Changing
H&R Block reported results for a very unusual period for the first quarter ended July 31. The quarter reflected large number of returns filed during the extension of tax season to July 15. Executives also spoke of the redefinition of assisted tax preparation in market in which a hybrid approach to tax preparation is spreading.
TurboTax Live Users Coming from Assisted
Intuit said the number of TurboTax Live customers increased 70 percent for the year ended July 31. Almost 70 percent of the new customers there came had used a professional preparer in 2019, the company said this month.
IRS OKs Temporary E-Signatures
The Internal Revenue Service has approved digital signatures for a number of forms that cannot be filed electronically. The agency this week approved their use on these forms if mailed by December 31.
Intro to Drake Webinars Being Held
Drake Software is conducting “Intro to Drake Tax” webinars all this week. The sessions are being held twice weekly August 24 through August 28.
SafeSend Now Supports Lacerte
SafeSend has added support for tax returns prepared by the use of Lacerte tax preparation software. The move adds to software packages whose products are supported by SafeSend’s automated electronic assembly and delivery system.
AICPA Wants Guidance on Payroll Tax Deferral
The American Institute of CPAs has requested guidance on the deferral of payroll taxes under executive actions signed this month by President Donald Trump. The requests were sent this month to the Treasury Department and the Internal Revenue Service.
CCH Axcess Small-Firm Version Launched
Wolters Kluwer Tax & Accounting has introduced CCH Axcess with QuickStart. The latest version of the suite is designed to reduce implementation side for smaller firms.
WK: Customers Cautious on New Purchases
Tax preparation customers are renewing their products from Wolters Kluwer. However, many existing customers are not buying new products, the company said during its recent webcast for earnings for the first half ended June 30.
Delay Bites into TaxAct 2Q Biz
The delay of the tax season filing deadline under the impact of the COVID-19 virus bit into the tax preparation business for Blucora for the second quarter ended June 30. Revenue for the company’s TaxAct business was $42.4 million for the most recently ended quarter, down $31.4 million from slightly less than $66 million a year ago.
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