Tax (1451)
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
Texas Preparer Draws 41-month Sentence
A Texas tax preparer, who trained employees to create fraudulent tax returns, has been sentenced to 41 months in prison. Tamara Turner, aka Tamara Owens, drew the sentence in a conspiracy that saw two employees sentenced to two years’ probation each.
IRS Regs Proposed on Investment Credit
Proposed guidance has been issued by the Internal Revenue Service regarding implementation of the elective payment provisions of the Advanced Manufacturing Investment Credit.
Thomson Enhances SurePrep Integration
Thomson Reuters has enhanced the integration between GoSystem Tax RS and SurePrep. The company said recently it has provided Live Sync Integration between the products.
Three Years In Prison for Vegas Preparer
A tax preparer in Las Vegas, Nev., has been sentenced to three years in prison for tax return preparation fraud. Maria Magdalena Mendoza had pleaded guilty to preparing more than 700 returns that claimed $3 million in refunds.
Preparer Now Four-time Offender
An Oakland County, Mich., tax preparer has lead to 10 felonies as a four-time offender. Lori Bradford, 55, admit to preparing fake W-2s to thwart an investigation by the Michigan Department of Revenue.
Preparer Charged in $13M PPP Fraud
A New York tax preparer and his client with submitted more than 100 application through the Paycheck Protection program, the United States alleges.
TurboTax Customers Drop
Intuit expects the number of TurboTax customers to drop by 5 percent this year. The company said recently its results are mirroring the drop in individual tax returns submitted to the Internal Revenue Service.
Block Assisted Revs Rise 4.4%
Revenue from assisted tax preparation increased by 4.4 percent for the second quarter ended March 1 for H&R Block. But a drop in DIY preparation and refund transfer revenue left the held the overall revenue increase to 1.5 percent.
IRS Reports on Direct File Pilot
The Internal Revenue Service has submitted a report to Congress about its plans to pilot a Direct File option for taxpayers in the 2024 filing season. The study is evaluating the feasibility offerings a free, voluntary IRS-run electronic filing system.
CPA Agrees to Repay $2.5 Million
A New Jersey CPA has agreed to pay $2.5 million in restitution to the United States. The agreement by James H. Benkoil of Avon-by-the-Sea follows his guilty plea to defrauding the U.S. by his promotion of fraudulent tax shelters to high-income clients.
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