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
Blucora: Tax Season Still Shifting
Consumers continue to start and complete returns later in the tax season, Blucora CEO Chris Walters, said this month. Walter said the rate of efiling in the first two weeks of this season are “approaching 50 percent below what has been seen in past seasons.”
IRS Offers Interview Authentication
Taxpayers can opt to verify their identities for IRS Online Accounts during virtual interviews with agents of the Internal Revenue Service. The IRS said this week individuals can choose the live sessions with no use of biometrics, including facial recognition.
IRS Processing Rate Improves
The Internal Revenue Service has processed 78.1 percent of individual tax turns for the season through February 12. That compares to 62.6 percent processed through Feb. 11, 2021, with the year-ago season heavily impacted by the pandemic.
IRS Details Relief on K-2, K-3s
The Internal Revenue Service has provided details on relief for domestic partnerships and S corporations in preparing the new schedule K-2 and K-3s. Those eligible for relief will not have to file those schedules for tax year 2021, the agency noted this week.
IRS Warns of Latest Phishing Effort
The Internal Revenue Service is warning tax professionals this week of the latest efforts to steal tax information. The latest scam is an email that uses the IRS logo and warns recipients their accounts have been put on hold and they must take action.
IRS Adds Info Page for Pros, Consumers
The Internal Revenue has established a new page on IRS.gov to provide information on the current tax season.
Store Owner Pleads Guilty to Fraud
The owner of the Cititax Tax Refund stores in Pittsburgh, Pa. has pleaded guilty to cheating the government of $7.2 million by inflating client tax refunds.
IRS: 16.7 Million Returns Received
The Internal Revenue Service received 16,685,000 returns through February 4, the IRS reported in its first weekly filing statistics for 2022. Because the season opened two weeks earlier than las year, there are no comparative figures for last year.
IRS to Drop Facial Recognition
The Internal Revenue Service will drop its controversial use of facial recognition for authenticating individuals creating new online accounts. The agency said this week it will transition over weeks to avoid larger disruptions during filing season.
ATAX Can’t Solicit Liberty Franchisees
Tax and accounting franchisor ATAX has been blocked from soliciting franchisees of Liberty Tax. The company also will pay more than $500,000 in recently settling a suit filed by Liberty in February 2021.
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