MusclePharm Closes Potential $7.3 Million Liability with IRS
CALABASAS, Calif., July 26, 2021 (GLOBE NEWSWIRE) -- 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 Partner
ICR, Inc.
646-277-1254
John.Mills@Icrinc.com
