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
Biz Mileage Up 1.5 Cents
The standard mileage rate for vehicles driven for business purposes will be 67 cents per mile next year, up 1.5 cents from the year, the Internal Revenue Service said this week.
FSA Contribution Limits Set
The Internal Revenue Services has announced a $150-increase in contribute limits for Flexible Spending Arrangements next year. That will bring the total that can be contributed via payroll deductions to a maximum of $3,200.
IRS Seeks ETAAC Members
Applications are being sought for members for three-year terms on the Electronic Tax Administration Advisory Committee. Applications for nomination are being accepted by the Internal Revenue Service through January 31.
IRS Nixing 20,000 ERC Claims
The Internal Revenue Service is notifying 20,000 taxpayers by mail that it is disallowing their claims for the Employee Retention credit. The effort is part of a crackdown on bogus ERC claims.
Corporate Tax Portfolio Debuts
Bloomberg Tax & Accounting has released Corporate Income Tax: General Principles, a new Tax Management Portfolio.
Preparer Sought $10M in Bogus Refunds
A former Orange County, Calif.-based tax preparer has been found guilty of a multi-year tax fraud conspiracy. A jury found Stephen Jake McGonigle, 66, of Victorville, Calif., in the case that spanned three continents.
Xero Adds Sales Tax Functions
Xero is offering the ability to calculate and file sales tax from its accounting software. The New Zealand-based company is utilizing technology from Avalara.
Corvee’s Instead Adds Augusta Guidelines
Corvee has integration of Augusta Rule deduction filing guidelines into Instead and Instead Pro. The Augusta Rule—Section 280A—enables homeowners to rent out their homes for up to 14 days without needing to report rental income.
Former CPA Indicted Again
A former Kentucky CPA has been indicted for failing to report $320,000 in income on his federal 1010 returns for 2018 and 2020. For Charles Marshall Stivers of Manchester, Ky., it was the third set of indictments over the last eight years.
AICPA OK’s Tax Services Standards
Updates to the Statements on Standards for Tax Services become effective on January 1, following their recent adoption by the Tax Executive Committee of the American Institute of CPAs.
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