Bellevue-based online pharmacy drugstore.com said Friday it will record an additional loss of $2.5 million for 2007 after losing an appeal...
Bellevue-based online pharmacy drugstore.com said Friday it will record an additional loss of $2.5 million for 2007 after losing an appeal before the New Jersey Tax Court.
The company said it was informed Tuesday of the court’s decision upholding an assessment by the New Jersey Division of Taxation for $221,626, plus penalties of $11,081 and interest.
The division accused drugstore.com of not collecting and remitting sales taxes on sales made to customers in New Jersey during 2000 and 2001. The company said it did not believe it had to collect the taxes.
The company said it will now record a pretax charge of $2.5 million, or 3 cents a share, for 2007. Its loss for the year consequently increases to $11.51 million, or 12 cents a share, from a previously reported loss of $9.01 million, or 9 cents a share. The charge is its best estimate of its New Jersey tax liability for the 2000 and 2001 assessment, as well as for following years through 2007, drugstore.com said.
Most Read Business Stories
- 55,000 in Washington state may have to pay back thousands in jobless benefits
- 1 house, 45 offers: Homebuyers in Western Washington hard-pressed as supply remains scarce
- Boeing CEO gave up millions in pay; here's what he and other top execs earned
- Amazon's telehealth arm quietly expands to 21 more states
- Alaska Native group, Neiman Marcus settle lawsuit over coat