Korean Language News Outlet Settles Tax Suit for $4.25 Million

A Korean-language news service has agreed to pay the US government $4.25 million to settle a lawsuit over federal income tax liabilities.

Judge John A. Kronstadt of the US District Court for the Central District of California entered a judgment requested by Korea Times Los Angeles Inc. and the US and closed the case.

According to court information, KTLA reported on its 2011 tax return that it had tax due of $4.69 million, but did not pay this amount at the time it filed.

An audit of KTLA’s 2010 return resulted in a $4 million tax deficiency, mainly ...