Tax (1446)
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
Returns 1.9 Percent Behind 2023
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.
Taxually Buys Lumatax
London, 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.
Returns Drop 1.3 Percent from 2022
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.
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.
Charge Preparer Cost U.S. $4.7M
A North Carolina tax preparer faces a 20-count indictment that claims his return fraud cost the government $4.7 million in unwarranted refunds.
Returns Slip Further Behind 2022
The number of tax returns received by the Internal Revenue Service continue to fall behind totals for the 2022 season. The number filed with the IRS through March 23 was .8 percent less than the season through March 23, 2022.
1040s Received Fall More Behind 2022
The number of tax returns received by the IRS has fallen behind last year’s total for the second week in a row. Returns received through March 17 were .5 percent below those received by the Internal Revenue Services through March 18, 2022.
IRS Provides Info on Medical Expenses
The Internal Revenue Service has posted frequently asked questions about whether certain costs can be covered under various medical accounts. The questions are part of the National Strategy on Hunger, Nutrition, and HealthPDF.
Five Texas Pros Get Prison
Five Texas tax preparers have been sentenced to prison for submitted bogus returns with the manager of Waco-based Tax World, Labanda Loyd, drawing a term of four years three months.
IRS Shows Returns Flat
Total tax returns received through March 10 were .1 percent lower than the number received by the Internal Revenue Service through March 11, 2022. But the number of efiles submitted for the same period were up 2 percent year-over-year, according to the latest numbers from the IR
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