Feeds

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

Audit saga continues

Top three mobile application threats

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. ®

3 Big data security analytics techniques

Whitepapers

Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.