Feeds

Intel frees up $275m after settling with the tax man

Audit saga continues

Intelligent flash storage arrays

Intel will stash away an “extra” $275m this quarter after settling with the IRS.

The IRS (Internal Revenue Service) sent Intel a note this week, saying it has closed the books on an audit for the chip maker's 1999 to 2002 tax returns. As a result, Intel will fork over $275m less in tax payments than it had planned. In addition, Intel now says that its 2007 tax rate should end up below a previous forecast of 30 per cent.

Intel and the IRS have been sparring over taxes related to export sales. US tax law affords companies a break on manufactured goods sent out of the country. Intel has contended that the “value” of microprocessors and chipsets built in the US outweighs the value of testing and assembly work done on the parts overseas, while the Feds have taken an opposite stance.

(As an aside, you'll find the best book ever penned by a corporate tax attorney here.)

Giant that it is, Intel faces an ongoing IRS audit and has yet to settle remaining disputes over goods exported between 2003 and 2006, along with other issues.

The company sets aside funds for these kinds of problems and in effect put away $275m too much for the years 1999 to 2002 given its settlement with the IRS. ®

Secure remote control for conventional and virtual desktops

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Go beyond APM with real-time IT operations analytics
How IT operations teams can harness the wealth of wire data already flowing through their environment for real-time operational intelligence.
Why CIOs should rethink endpoint data protection in the age of mobility
Assessing trends in data protection, specifically with respect to mobile devices, BYOD, and remote employees.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.