The Progressive Accountant - Tax (1468)
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Tax 1455
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 Letters Target Big Nonfilers
The Internal Revenue Service says it is sending out 125,000 compliance letters to high-income taxpayers who have not filed returns since 2017. This includes the mailing of 25,000 letters to those with more than $1 million annual income.
Free File Returns Up 9.7 Percent
The Internal Revenue Service said this week 943,000 taxpayers had filed tax returns via the IRS Free File program through February 24, a 9.7-percent increase over 869,000 filed in last year’s corresponding period.
IRS Enhances “Where’s My Refund?:
The Internal Revenue Service has enhanced its “Where’s My Refund” tool on IRS.gov. Information for returns for tax years 2021 2022 and 2023.
FTC: Block Misleads Filers
The Federal Trade Commission alleged this month H&R Block deliberately deleted data for customers who were seeking cheaper products.
Three Miss. Preparers Sentenced
Three Mississippi tax preparers have been sentenced to prison, part of a group of five preparers guilty of tax return fraud. The preparers caused a tax loss of more than $3.5 million.
Returns Closing Gap on Last Season
The number of tax returns received by the Internal Revenue Service for the 2024 filing season is picking up steam. The number received through February 15 was down 5.7 percent from the totals for the season ended Feb. 16, 2023.
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.
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.
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.
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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