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Tax

Tax (1421)

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

 IRS to Audit Corporate Jet Usage

 The Internal Revenue Service plans audits the use of business-owned aircraft to see if their utilization is being properly split between business and personal reasons.

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Tax Season Results Lag

 Early tax season returns lagged behind last season for period through February 9 by double digits. Every category for the period reported by the Internal Revenue Service was below the comparable period through Feb. 10, 2023.

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ProConnect to Import Prior Year

Users of Intuit’s ProConnect Tax will gain the ability to create tax returns by importing prior-year returns this year.

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PTIN Thieves Sentenced

Two members of a conspiracy to use stolen preparer tax identification numbers to file returns seeking $45 million in tax refunds have been sentenced to prison. The result of the conspiracy  was a $7-million tax loss.

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IRS Warns of EFIN Scam

 A scam email impersonating software companies is part of an attempt to steal Electronic Filing Identification Numbers, the Internal Revenue Service and Security Summit partners warned this month.

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IRS Opens Page on Childcare Credit

The Internal Revenue Service has launched  a new page on IRS.gov about the Employer-Provided Childcare Tax Credit

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IRS: Funding to Net Billions

Stepped-up enforcement will help the Internal Revenue Service will hike tax revenue by as much as $561 billion from 2024 to 2034 if increased funding is continued.

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Drake Releases Payment App

 Drake Software has introduced a contactless system, Drake Pay, designed to accept payments.

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Block Fields TurboTax Import

H&R Block has launched the ability to import prior-year tax return data from TurboTax directly into H&R Block’s DIY online products.

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IRS Simplifying Taxpayer Notices

The Internal Revenue Service is redesigning the roughly 170 million notices sent annually to individual taxpayers, the agency said this week.

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