Yesterday, PRA Group, Inc, (Nasdaq:PRAA) issued a press release announcing they had reached a settlement with the Internal Revenue Service (IRS) in regards to Notices of Deficiency for tax years 2005 to 2012. The matter had been scheduled for trial this month. A copy of the press release can be found here.
Under the agreement, which remains subject to court approval, PRA Group will utilize a new tax methodology to recognize net finance receivable (NFR) revenue effective tax year 2017. The Company will not be required to pay any interest or penalties related to the prior periods.
Per the press release:
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