StateHouse Holdings Inc. (OTCQX:STHZF) (CSE:STHZ) has reached a partial payment installment agreement with the Internal Revenue Service related to the federal tax returns of its wholly-owned subsidiary Patients Mutual Assistance Collective Corporation ("PMACC") for the 2007 to 2012 fiscal years and the 2020 fiscal year.
At issue were federal taxes owed of approximately $22.1 million. Under the agreement, StateHouse is resolving this liability through the payment of approximately $5.8 million, to be made through $50,000 per-month payments over an expected period of 116 months, beginning in August 2022. The monthly payment amount is subject to IRS review every two years. With each review, the payments may adjust up or down depending on PMACC's ability to pay at that time. The company does not anticipate that these biennial reviews will result in a material increase to the payment plan.
