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
Returns Fall Further Behind 2021
The number of tax returns received for the tax season through March 11 dropped 3.9 percent from period ended March 12, 2021. Meanwhile, the decline in the number of self-prepared returns also accelerated.
Corvee Adds SALT Support
Corvee has added state and local tax planning to its tax planning software. The company said this week the enhancement enables users to analyze client tax scenarios at the federal and state level.
Oregon Preparer Must Repay $1.8M
A Portland, Ore.-based tax preparer, who falsely applied for benefits designed for the poor, has been sentenced to 21 months in federal prison for tax return fraud. The preparers, Elizabeth Munoz, 38, was also ordered this week to pay $1.8 million in restitution to the Internal Revenue Service and $82,400 to the Oregon Department of Human Services.
Ledgible Intros Knowledge Base
Ledgible has introduced a knowledge base about cryptocurrency and taxes for both professionals and direct filers. The source shares regular updates and resources for from the company’s crypto experts.
IRS Uses Bots to Cut Phone Waits
The Internal Revenue Service has begun using voice and chat bots on two toll-free telephone assistance lines and IRS.Gov. The IRs said this month the tools are designed to speed answers for taxpayers with simple payment or collection notice questions.
DIY Return Lag over 2021 Grows
Self-prepared efiles have fallen further behind the pace the 2021 tax season. The total dropped to 3.3 percent behind the comparable period a year ago, according to the report issued this week by the Internal Revenue Service for the tax season through March 4.
IRS Beefs Up Processing Center Staffs
The Internal Revenue Service is adding more than 5,000 employees at its service processing centers in Austin, Texas; Kansas City, Mo. and Ogden, Utah. New hires are expected to begin work withing 30 to 45 days of job offers.
Corvee Debuts Tax Advisory Services
Corvee has introduced suite of tools and services to help tax and accounting firms to generate more revenue from tax advisory services. The Tax Advisory Services Scale offers what the company calls “proven methodology, guidance and content solutions to help firms shift from a compliance-driven business to a tax advisory service business.”
Tax Returns Edge Ahead
Returns received by the Internal Revenue Services for the tax season ended February 25 rose by .3 percent over the totals for the season through Feb. 26, 2021. And the number of self-prepared efiles was down for the second weekly report in a row.
IRS Sets Up Experience Office
The Internal Revenue Service has established a Taxpayer Experience Office. The IRS said this week it will quickly expand the first-time office as part of its efforts to improve taxpayer service.
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