MusclePharm Closes Potential $7.3 Million Liability with IRS
July 26 2021 - 6:16PM
On April 6, 2016, the Internal Revenue Service ("IRS") selected
MusclePharm Corporation's (OTCMKTS: MSLP) 2014 Federal Income Tax
Return for audit and, as a result, proposed certain adjustments
with respect to the tax reporting of certain of the Company's
former executives' 2014 restricted stock grants. On April 4, 2017,
MusclePharm received a letter from the IRS asserting back taxes and
penalties of approximately $7.3 million dollars owed for the 2014
restricted stock grants. MusclePharm submitted a formal protest
disputing the matter on several grounds and has been pursuing this
matter vigorously through the IRS appeals process. On June 29,
2021, an IRS Appeals Officer confirmed that the tax matter had
exceeded the applicable statute of limitations and was deemed
closed from any further assessment by the IRS.
About MusclePharm Corporation
MusclePharm® is an award-winning, worldwide leading sports
nutrition & lifestyle company offering branded nutritional
supplements. Its portfolio of recognized properties include the
MusclePharm® Sport Series, Essentials Series, and
recently-launched Natural Series, as well as FitMiss™ - a product
line designed specifically for female athletes.
MusclePharm® products are available in more than 100 countries
globally, with its Combat Protein product lineup being the
company's most popular.
Contact:
John Mills, Managing PartnerICR,
Inc.646-277-1254John.Mills@Icrinc.com
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