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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

Drake Parent Becomes Taxwell

 ChangeDrake Software has selected Taxwell as the name of the parent company, now that it is offering two separate product lines. The change has come about now that the company markets tax preparation software under the Drake and TaxAct names.

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AICPA Wants Guidance on Digital Assets

CryptocurrencyThe American Institute of CPAs has requested additional guidance to help taxpayers in calculating losses on digital assets.

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Latest IRS Filing Report Means?

Tax calculator The latest report for filing season statistics from the Internal Revenue Service shows a 4.3-percent decline in tax returns through April 14. But since the year-ago period for comparison was the season through April 15, the numbers may be distorted by the timing.

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Preparer Guilty in $3.8M Tax Fraud

Justice hammer scales An Orange County, Calif., tax preparer has pleaded guilty to taking part in schemes that cost $3.8 million in tax losses.

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Tax Store Owner Guilty to Evasion

 GuiltyThe owner of a tax franchise business in Claxton, Ga., has pleaded guilty to underreporting his taxes for three years.

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B-berg Tax Provision Enhanced

GearsNew data transformation and automation capabilities have been released for Bloomberg Tax Provision. The company said this week the “new functionality enables Bloomberg Tax Provision customers to automate workflows across the tax provision lifecycle.”

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Returns 1.9 Percent Behind 2023

Taxe flag Tax returns continued to fall further behind 2022 results with the release of statistics for the season through April 7. The Internal Revenue Service said it received 101,320,000 for the returns, 1.9 percent down from 103,315,000 the season through April 8, 2022.

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Taxually Buys Lumatax

Dollar blue greensLondon, England-based Taxually as acquired sales-and-tax vendor LumaTax. The deal enables the VAT software provider to move into the American sales tax market.

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Returns Drop 1.3 Percent from 2022

Tax calculator  The gap between 2023 and 2022 filings continued to grow with the number of returns received through April 1, down 1.3 percent from the season through March 31, 2022. The Interna Revenue Service reported last week there were 90,111,000 through the 2023 season’s latest report, compared to 91,260,000 a year ago.

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IRS to Rebuild Customer Service

The Internal Revenue Service wants to rebuild and strengthen customer service to end long telephone wait times. That is one of the priorities outlined in the 150-page Strategic Operating Plan unveiled this this week.

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