March 30, 2011
Worcester Firm Settles $2.1M IRS Claim
By Brandon Butler
ThermoEnergy Corp., a Worcester firm specializing in wastewater treatment technologies, announced that it has agreed to pay $2.1 million in back taxes to the Internal Revenue Service.
The company had outstanding payroll taxes between 2005 and 2009.
As part of the deal, the IRS is abating $2.3 million in penalties and interest. In exchange, the company will not carry over net operating losses from prior years as a tax write-off and will pay the $2.1 million in back taxes over a 24-month period.
Cary Bullock, president and CEO of the company, said the deal is a "tremendous load off of the company's shoulders."
ThermoEnergy will pay $89,000 each month for two years, which began last year and will be complete by December.
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