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Tarrant to Settle with IRS

Tarrant Apparel Group will pay a total of $14 million to the Internal Revenue Service for back taxes.

NEW YORK — Tarrant Apparel Group will pay a total of $14 million to the Internal Revenue Service for back taxes, interest and penalties covering the seven years ended 2002. Under the terms of the settlement, the Los Angeles-based private label apparel producer will pay $4 million immediately and $250,000 a month until the balance is paid off. The company, which previously disclosed the audits, does not expect to record any additional charges against income beyond the interest on the outstanding balance.