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
Coalition: IRS Compliance Action Not Enough
The Tax Professionals United for Taxpayer Relief has welcomed the Internal Revenue Service’s decision to suspend some taxpayer notices during the upcoming season. But the group says it’s only a “good first step”.
SafeSend Adds Extensions
SafeSend has enhanced its platform to send extension package sto clients digitally. The company says SafeSend Extensions can send a package in less than three minutes.
IRS Hiring 200 More Attorneys
The Internal Revenue Service plans to hire up to 200 more attorneys to combat abusive tax schemes. The Office of Chief Council this week said the will help combat syndicated conservation easements, abusive micro-captive insurance arrangements and other tax schemes.
Surgent Intros Mobile App
Surgent Accounting & Financial Education launched a mobile app that for those using its exam review courses. The company says the Surgent's Study Companion generates tailored plans and materials for "microbursts" of study
Advocate: IRS Buried in Paper
The Internal Revenue Service still has millions of unprocessed tax returns from 2021, according to Erin M. Collins, national taxpayer advocate. In her annual report to Congress, Collins noted this month, “processing delays led to a cascade of customer service problems.”
Tax Chain Founder Sentenced
More than eight years after a judge ordered his Instant Tax Service closed, founder Fessum Ogbazion, of Cincinnati has been sentenced to prison. Ogbazion must serve one year and one day for tax fraud charges and repay the government $933,708.
Bloomberg Tax Provision Enhanced
The Bloomberg Tax Provision has been automated for full valuation allowance and an upload template for performing a payable true up report. The enhanced software is based on the Tax Prodigy Provision, acquired last year.
AICPA Urges IRS Halt Compliance Actions
The American Institute of CPAs is calling on the Department of Treasury to halt compliance actions until the Internal Revenue Service can devote “the necessary resources for timely resolution of issues.”
Liberty Offering Tax Debt Resolution
Liberty Tax has started offering tax debt resolution services via its franchisees. The services stem from last month’s acquisition of Chicago, Ill.-based Community Tax for $90 million in cash and stock by its parent NextPoint Financial.
Tax Season Starts January 24
The 2022 tax season starts on January 24 for 1040 filers, the Internal Revenue Service said this week. And for most taxpayers, this year’s filing deadline is April 18.
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