Feeds

Symantec squares up to the IRS over $1bn tax demand

Bit of bother

Application security programs and practises

Symantec says it will battle in the courts to avoid paying the more than $1bn in tax and penalties the IRS is demanding from it.

The dispute dates back to a tax audit of recent acquisition Veritas in 2000 and 2001. The IRS says Veritas lowered its tax bill by claiming too much credit in the US for technology developed by its Irish subsidiary. Taxmen also think Veritas charged its Irish tentacle too little in licensing fees.

The IRS's claim is composed of $757m in back taxes and $303m in penalties.

Symantec filed a petition on Monday at the US Tax Court to squash the bill.

The firm said: "We believe we have done everything to cooperate with the IRS to resolve this issue in good faith and we will continue to make efforts to resolve our disputes on an acceptable basis.

"We do not agree with the IRS position and will work with the courts to seek a definitive resolution." ®

Bridging the IT gap between rising business demands and ageing tools

More from The Register

next story
Auntie remains MYSTIFIED by that weekend BBC iPlayer and website outage
Still doing 'forensics' on the caching layer – Beeb digi wonk
Attack of the clones: Oracle's latest Red Hat Linux lookalike arrives
Oracle's Linux boss says Larry's Linux isn't just for Oracle apps anymore
THUD! WD plonks down SIX TERABYTE 'consumer NAS' fatboy
Now that's a LOT of porn or pirated movies. Or, you know, other consumer stuff
Apple fanbois SCREAM as update BRICKS their Macbook Airs
Ragegasm spills over as firmware upgrade kills machines
EU's top data cops to meet Google, Microsoft et al over 'right to be forgotten'
Plan to hammer out 'coherent' guidelines. Good luck chaps!
US judge: YES, cops or feds so can slurp an ENTIRE Gmail account
Crooks don't have folders labelled 'drug records', opines NY beak
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.