IRS And Debt Co. Settle Massive Accounting Row

Law360, Washington (May 15, 2017, 2:02 PM EDT) -- The IRS and Portfolio Recovery Associates Inc. managed to settle and avoid trial at the last minute on Monday with a U.S. Tax Court judge agreeing to strike the consumer debt company’s challenge to hundreds of millions of dollars in taxes and penalties turning on accounting methods for debt collection enterprises. 

Details of the deal were sparse, including in Tax Court Judge Cary Douglas Pugh’s order on Monday — the same day trial had been set to begin — striking the case from the record and...
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