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
IRS: Returns Rise 13.5 percent
The Internal Revenue Service reported the number of individual income tax returns received for its first report of the season were up 13.5 percent. The period covered ended February 3, compared to the comparable period ended Feb. 4, 2022.
Amended Returns Get Direct Deposit
Taxpayers filing Form 1040-X for amended income tax returns can now have refunds directly deposited. The Internal Revenue Service announced the capability this week
Preparer Sentenced to Three Years
Florida tax preparer Thomas Johnson has been sentenced to three years in prison for his role in preparing more than 1,000 fraudulent returns. Johnson has also been ordered to pay $1,688,931.90 to the Internal Revenue Service.
New Tip Reporting Proposed
A new service industry tip reporting program has been proposed by the Internal Revenue Service. The voluntary Service Industry Tip Compliance Agreement program is contained in a proposed revenue procedure.
IRS Considers Taxes on State Payments
The Internal Revenue Service is working with states to clarify of questions involving special tax refunds or payments made by states in 2022. It hopes to provide clarify for as many states as possible this week.
IRS Opens 1099 Portal
An online portal has been established for the filing Form 1099 series information returns. The Internal Revenue Service has opened the Information Returns Intake System (IRIS), for free electronic filing of the forms.
Rocket Tax Launched
Robert Lawyer has introduced Rocket Tax, which matches taxpayers with professionals who can prepare their taxes.
IRS Starts Tax Season
The Internal Revenue Service has begun accepting tax returns as the 2023 tax filing season begins. The deadline for federal individual returns this year is April 18.
New IRSAC Members Named
Nine new members have been appointed to the Internal Revenue Service Advisory Council. The IRS has named the individuals to serve three-year terms beginning this month.
Free File Open for 2023
Free federal tax preparation and e-filing software is.now available through the Free File program. Qualified taxpayers can chose from tax software made by companies that are members.
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