Upper Deck Settles With IRS For $20+ Million
It appears Upper Deck may have settled their long standing case with the United States Tax Court in April 2018 by agreeing to pony up $20,172,868.80 plus interest to the IRS.
Upper Deck has already made a $17.5M payment on March 20, 2018.
The case began in 2012 and covers the tax years 2000-2004.
Upper Deck may have gotten off light. The US Tax Court claims in previous court documents that there were “combined deficiencies exceeding $160 million at Upper Deck from 2000-2004."
More good news for Upper Deck is that there is no penalty due pursuant to I.R.C. § 6663 for the taxable year 2004. Violating this could of added an additional 75% to what U.D. would owe!
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Upper Deck Working Towards Settlement With IRS