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Tax

Tax (1460)

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

Tax Season Ends with Rush

Tax formReturns poured in for the last few days of tax season, which ended on April 18. That may be all it is safe to say is comparing results with last year, whose filing deadline was extended to May 17, provides no obvious pattern.

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IRSAC Applications Being Accepted

Committeee meetingApplications for membership In the Internal Revenue Service Advisory Council have opened.for 2023. Applications will be accepted through June 3 for three-year terms that begin in January.

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Judge Won’t Block TurboTax Ads

gavel A federal judge has rejected the Federal Trade Commission’s motion to block Intuit from using advertisements for its TurboTax software that the FTC considers deceptive. 

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IRS Tax Forum Begins July 19

Webinar pointThe 2022 IRS Tax Forum will be held July 19 through August 18, the Internal Revenue Service said this month. The virtual event will feature live-streamed webinars every Tuesday, Wednesday and Thursday.

The forum will include a keynote address from Commissioner Charles P. Rettig, a plenary session with tax law and publications updates and multiple sessions on high-interest topics made by IRS experts and partner associations. An ethics webinar will also be offered.

Those who register by 5pm ET pay the Early Bird rate of $240 per person with the fee rising to $289 per person on June 16. Registration includes access to the Virtual Expo

Members of the IRS national partner associations can receive a discount of $10 off the Early Bird rate and should contact their organizations directly. These groups are the American Bar Association Section of Taxation, American Institute of CPAs, National Association of Enrolled Agents, National Association of Tax Professionals, National Society of Accountants, National Society of Tax Professionals, Low Income Taxpayer Clinics and the Volunteer Income Tax Assistance Program 

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Returns Came in Strong by April 15

Taxes with penThe tax season ended on April 18, but there was a surge of during the last full week of return filing. The Internal Revenue Service received 122,543,000 returns for the season through April 15, an increase of 10.4 percent from 110,961,000 for the season through April 16, 2021.

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AICPA Supports Auto Dealer Relief

Car dealerThe American Institute of CPAs has endorsed a bipartisan bill in Congress that would offer auto dealerships tax relief. The Supply Chain Disruptions Relief Act would allow dealerships to wait until as late as 2025 for their inventory to be replaced in order to determine income attributable to the sale of inventory in 2020 or 2021. 

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Tax Returns Ahead of 2021`

Tax American Flag The most recently tax filing statistics appear to show what observers were saying—taxpayers were waiting later in the season to file. The number of returns filed for the season through April 8 were 2.4-percent higher than the 2021 season through April 9.

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Florida Preparer Gets 97 Months in Prison

 A Florida tax prepaper, who was barred from preparing tax returns along with two of his children in 2017, has been sentenced to 97 months in prison for tax preparation fraud. Pickett was convicted on 22 counts of aiding and assisting the preparation of false tax returns and als ordered to pay about $169,639 in restitution to the Internal Revenue Service.

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Pro Efiles Pull Ahead of Last Season

Tax prep glasses A very different kind of tax season stayed that way as efile totals from paid preparers moved ahead of the 2021 season again and total returns stayed down. In a return to a season with a deadline in the traditional time, the season itself has not shown traditional patterns.

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IRS Advisory Panel Welcomes 25

Committeee meetingTwenty-five new members have joined the Taxpayer Advocacy Panel for 2022, the Internal Revenue Service said this week. Also joining the committee are 10 TAP alternatives approved previously. 

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