LAWSUITS NEWS & LEGAL INFORMATION
IRS Audit
Los Angeles, CA: (Mar-18-09) The US Internal Revenue Service brought charges against Tarrant Apparel Group, over certain audits that were conducted and disclosed for fiscal years 1996 through 2002. Sources close to the case stated that the parties had reached a settlement agreement, resolving the tax dispute.
Under the terms of settlement, Tarrant Apparel officials said that the company will pay $14 million, including interest and penalties. The deal stipulates that the company pay the IRS $4 million immediately. The remaining $10 million will be paid in monthly installments of $250,000 per month until repayment in full. Patrick Chow, Tarrant Apparel's Chief Financial Officer, stated that the settlement resolves the costs and distractions of litigation and does not significantly impact the company's income. [CENTRE DAILY TIMES: TARANT APPAREL GROUP ENTERS INTO FINAL SETTLEMENT WITH IRS]
Published on Mar-19-08
Under the terms of settlement, Tarrant Apparel officials said that the company will pay $14 million, including interest and penalties. The deal stipulates that the company pay the IRS $4 million immediately. The remaining $10 million will be paid in monthly installments of $250,000 per month until repayment in full. Patrick Chow, Tarrant Apparel's Chief Financial Officer, stated that the settlement resolves the costs and distractions of litigation and does not significantly impact the company's income. [
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