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Tax

Tax (1438)

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

O.C. Preparer Sentenced to 10 Years

A former tax preparer based in Orange County, Calif., has been sentenced to 10 years in federal prison and ordered to pay $1.2 million in restitution.

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Corvee Adds Home Office Guidelines

 Corvee has added home0office deduction filing guidelines in its Instead and Instead Pro. 

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Tax Season Stats Move Ahead

The number of returns filed during the 2024 tax season continue to close the gap on those filed in the 2023, the last statistics from the Internal Revenue Service show. There were 71,587,000 filed through March 17, .4-percent lower than the 71,861,000 filed for last year’s period through March 15.

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Bloomberg Debuts Tax Workpapers

 Bloomberg Tax & Accounting has introduced a tax workpapers application for corporate tax departments.

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Tagetik Tax App Enters NA

Wolters Kluwer has launched  its CCH Tagetik Global Minimum Tax application in North America.

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DIY eFiles Top Last Year

Self-prepared efiles for the tax season March 8 surpassed last year’s total through March 10, but barely. There were 31,521,000 DIY efiles for the year-to-date as reported, .1 percent over 31,498,000 in last year’s corresponding period.

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Preparer Gets 70 Months

A Mississippi tax preparer has been sentenced to almost six years in prison for return fraud that cost the United States more than $3.5 million in unwarranted refunds.

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IRS Direct File Pilot Opens

Direct File pilot program has launched in 12 states to enable taxpayers to file tax returns online for free with the Internal Revenue Service.

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Self-prepared Efiles Close on 2023

The number of returns for the week ended March 1, 54,030,000, was down 1.7 percent from 54,948,000 for the year ended March 3, 2023.

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Feds: Inmate Ran $550M ERC Scam

An inmate in a California prison has been charged with master-minding efforts to obtain $550 million in Employee Retention Credits. Inmate Kristopher Thomas also allegedly led a drug trafficking network that has seen 184 pounds of methamphetamine seized in several states.

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