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Symantec To Battle IRS Over $900 Million
Chris Crum
Staff Writer
2006-04-18
 Insider Reports RSS Feed
Symantec has been told by the IRS that it owes $900 million in back taxes. Symantec disagrees.
The company plans to petition the tax court against the claim, which is related to Symantec's acquisition of Veritas Software.
The IRS told Symantec that it owes them additional taxes, as well as interest and penalties, for the 2000 and 2001 tax years resulting from an audit of Veritas.
As noted by Michael Paige of MarketWatch, "If forced to pay an amount that exceeds its provision, Symantec indicated in its filing that the incremental amounts due would be accounted for principally as additions to its purchase price for Veritas. Any interest accrued after Symantec acquired Veritas would be booked as an expense."
News of Symantec's alleged debt sent the company's shares down 5%.
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About the Author:
Chris Crum is a staff writer for SecurityProNews and WebProNews.
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