Tax (1571)
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
Ex-IRS Employee Charged with Tax Evasion
A South Carolina man has been accused of claiming fraudulent deductions and expenses on several years of tax returns. Anindictment says Wayne M. Garvin was employed as a Supervisory Associate Advocate with the IRS’s Taxpayer Advocate Service in Philadelphia when filed the allegedly bogus returns from 2021 through 2016.
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IRS: Large Taxpayers Can Use Video
All taxpayers can meet with employees of the Internal Revenue Service. The IRS this week extended the capability to those who work with the IRS’ large business division.
Read more...Preparer Filed Fake Returns in 19 States
A Florida tax preparer has been sentenced to four and a half years in prison for fiing 745 returns in 19 states from 2015 to 2018. Damian Barrett of Homestead, Fla., filed the returns through his Florida-based tax preparation companies, Max Tax Experts and Winngate Tax Services.
Republic Tax Refund Sale Fails
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N.Y. CPA Helped Client Evade Taxes
A New York CPA has pleaded guilty to helping a concrete supplier evade more than $400,000 in taxes. John Savignano of White Plains admitted to conspiring with co-defendant, Rocco Manzione, to hide the latter's income .
IRS Launches 18 Seminars
The Internal Revenue Service has introduced 18 self-study seminars from this year's IRS Nationwide Tax Forums Online. These were recorded in July and August at the 2021 IRS Nationwide Tax Forum.
Preparer Hit with Contempt Citation
A Miami, Fla.-based tax preparer, who had been barred from the tax business, must pay $403,967.70 to a federal court for violating that order. The preparer, Milagros Espinal, was barred from preparing or filing federal tax returns for others.
Two Plead Guilty in $2.9-Million Return Fraud
Two Florida tax preparers have pleaded guilty to filing bogus income tax returns that cost the government slightly less than $2.9 million in fraudulent refunds.. Nikency Alexis and Thony Guillaume entered the pleas to charge of conspiring to defraud the United States and preparing false tax returns.
Collection Agencies Reup with IRS
Three private collection agencies have received new contracts, the Internal Revenue Service said this week. The agencies can discuss overdue federal taxes with taxpayers and their ax representatives who have been notified by letter by the IRS their accounts been turned over to one of the companies for collection..
Two New Orleans Preparers Barred
Two New Orleans, La., area preparers have been barred from preparing federal income tax returns for others. The two, Mario Alexander and Leroi Gorman Jackson, were booted from the tax business by a federal judge after the government accused them of preparing fraudulent returns using a variety of techniques.
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