Tax (1531)
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
Preparer Obtained Loans by Fraud
A Lawrence, Mass.-tax preparer has pleaded guilty to a obtaining a $2.1-million SBA loan by fraud. Luz Paulino, who was a fugitive in Panama for 19 months while on pre-trial release, admitted her crimes in a federal court in Boston.
IRS Offers Easement Settlement
The Internal Revenue Service has made a time-limited offer to taxpayers who participated in Syndicated Conservation Easements and similar transactions.
B’berg Links Assets, Workpapers
Bloomberg Tax & Accounting has introduced an integration between its Bloomberg Tax Fixed Assets and Tax Workpapers.
N.J. Preparer Draws 57 Months
A tax preparer has been sentenced to 57 months in prison for wire fraud and defrauding the Internal Revenue Service. Omar Khater of Fairfield, N.J., has also been ordered to pay $4.49 million in restitution to the IRS.
Deloitte, B’berg Intro Crypto Portfolio
Deloitte and Bloomberg Tax & Accounting has published Tax Management Portfolio Taxation of Cryptocurrency and Other Digital Assets, No. 190-2nd.
CPA Guilty in Shelter Scam
A Georgia CPA has pleaded guilty to charges involving a wide-ranging conspiracy to promote of abusive syndicated conservation easement tax shelters. Herbert Lewis, an Atlanta-based CPA, made the plea in a case in which two men have received length prison sentences.
Read more...IRS Targets Abusive Partnerships
The Internal Revenue has introduced new steps to crack down on abusive partnership transactions that are used by wealthy taxpayers to avoid paying taxes.
IRS Touts Forum Line Up
The Internal Revenue Service says its 2024 Nationwide Tax Forum, includes 45 continuing education sessions, with six in Spanish. Attendees can earn up to 19 credits by attending the forum, the agency noted this month.
Scarsdale CPAs Plead Guilty
Two CPAS based in Scarsdale, N.Y.—one described by local reports as a hero volunteer fireman—have pleaded guilty to scheming with clients to reduce taxes and hid wages paid to employees. George Sanossian and Jack Sardis, who will be sentenced in September, have also agreed to pay restitution of $652,883.60, to the Internal Revenue Service and New York State.
IRS: Direct File Stays
The Internal Revenue Service is making its Direct File program a permanent option for filing federal tax returns in the 2025 tax season.
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