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
Tax Software Vendor Raises $8 Million
FlyFin, which targets freelance workers and the self-employed, has raised $8 million. The seed and pre-Series A round funds will be used to develop the company’s artificial-intelligence based tax preparation software.
Read more...Intuit Lists Tax Software Updates
Intuit has published a list of new features for its ProConnect TaxOnline, Lacerte and ProSeries software.
Federal Preparer Prosecutions Down
Prosecutions of abusive tax preparers fell sharply in Fiscal 2021 from Fiscal 2020, according to a recently released report from the Internal Revenue Service. The IRS Criminal Investigation annual report for 2021 show prosecution recommendations for to 90 last year, off 38 percent from 2020.
Preparer Indicted in $7.3M Alleged Fraud
A Florida tax preparer has been indicted on charges he fraudulently obtained more than $7.3 million from three government loan programs. Barrie J. Osborne, 76, of Celebration, was also accused with laundering the proceeds.
IRS Debuts New ID Tool for Online Access
The Internal Revenue Service has introduced what it says is an improved identity verification and sign-in process for securely accessing and using IRS online tools and applications. The agency says the process reaches more people through the expanded use of ID documents and increased help desk assistance for verifying taxpayer identities.
IRS Raises Online Transcript Limits
The Internal Revenue Service has increased the number of transcripts that can be ordered for each client. The IRS this week said tax professionals can order up to 30 Transcript Delivery System transcripts per client through the Practitioner Priority Service line.
IRS Publishes Inflation Adjustments
Tax year 2022 adjustments has been published by the Internal Revenue Service. The recently released changes in Revenue Procedure 2021-45 include increases in the standard deduction and the Alternative Minimum Tax exemption amount.
Vertex Spurred by Cloud Growth
A 45.6-percent increase in revenue from cloud-based products helped Vertex to cut its loss by more than half for the third quarter ended September. The indirect tax software company also so revenue rise 16 percent year-over-year for the recently reported quarter.
IRS Increases 401(k) Limits
The Internal Revenue Service has increased the amounts individuals can contribute to their 401(k) retirement plans. The limit for each account has increased to $20,500 for 2022, up from $19,500 for 2021 and 2020, a 5.1-percent increase.
TaxAct Revs Up for Nine Months
Revenue for TaxAct was up 8.8 percent for the nine months ended September 30. The third quarter was off substantially but Mark Mehlman, CFO of parent company Blucora said that stemmed from the backlog at the IRS.
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