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
CPAs Allegedly Helped Hide $100M Income
Three tax professionals, including two owners of a Waxahachie, Texas-based CPA firm, have been accused of helping a lawyer who helped clients falsely shelter $1 billion in income from the Internal Revenue Service.
Thomson Buying SurePrep for $500M
Thomson Reuters is acquiring SurePrep for $500 million in cash. The deal is expected to close in the first quarter of 2023.
CCH Axcess IQ Finds Law Changes
The newest release of CCH Axcess IQ can now notify customers about pertinent federal and state legislative changes. The company said this week the system can also explain their impact on tax returns and provide advice, recommending next steps.
Feds: Gang Stole 9K Firm Client IDs
Eight individuals have been accused of purchasing credentials for computer servers of CPA and tax preparation firms. The eight, all Florida residents, were indicted on racketeering charges for allegedly stealing IDs from 9,000 firm clients and filing thousands of fraudulent tax returns, according to a partially unsealed indicment.
IRS Seeks Energy Guidance Comments
Three notices about possible changes to energy tax benefits have been submitted by the Internal Revenue Service. The IRS seeks the comments about possible extensions and enhancement to the benefits that were included in the Inflation Reduction Act.
IRS Hires 4,000 Customer Reps
The Internal Revenue Service has hired 4,000 additional customer service representatives this year. The agency said this month it intends to hire another 1,000 to help answer telephones—which have been understaffed in past years—and provide other services in the upcoming filing system.
Feds: Tax Atty. Helped Shelter $1B
A Dallas, Texas, tax attorney has been accused of allegedly helping high-net-worth clients conceal more than $1 billion in income. Joseph Garza this month was accused of helping cheating the Internal Revenue Service out of $200 million in taxes while lining his own pockets.
IRS Extends Fraud Reporting to ERCs
The Internal Revenue Services has extended the use of Form 3949-A, Information Referral to anonymously report fraudulent Employee Retention Credit claims by third-party vendors. The form had previously been used to anonymously report other forms of tax fraud.
Three Florida Preparers Sentenced
Three Florida tax preparers have been sentenced to prison for tax return fraud with one of them ordered to pay nearly $3.5 million in restitution to the Internal Revenue Service
Avalara Sold for $8.4 Billion
Sales tax vendor Avalara has been sold to Vista Equity Partners for $8.4 billion. Although two shareholders groups opposed the sale, with the support of Avalara management, the deal was approved overwhelmingly.
Most Read
-
-
Jan 23 2024
-
Written by Bob Scott
Intuit used deceptive advertising in calling some of its TurboTax…
-
-
-
Nov 10 2023
-
Written by Bob Scott
Revenue for Thomson Reuters Tax & Accounting Professionals increased by…
-
-
-
Oct 30 2023
-
Written by Bob Scott
CPA.com has released a toolkit to help accounting and finance professionals…
-
-
-
Jan 23 2024
-
Written by Bob Scott
The Internal Revenue Service is redesigning the roughly 170 million…
-