Debt Collector Protests $192M IRS Deficiency Notice

By Erica Teichert (October 30, 2014, 1:09 PM EDT) -- Consumer debt collector Portfolio Recovery Associates Inc. has asked the U.S. Tax Court to reverse an Internal Revenue Service finding that it owes $192.6 million in back taxes stemming from the defaulted consumer debt accounts it purchases, saying that the agency inappropriately recalculated its taxable income using different accounting methods....

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