Symantec Settles One Tax Bill, but a Larger One Looms
The security and data storage vendor agrees to pay $36 million to settle an outstanding IRS claim, but a whopping $900 million tax bill is still hanging over the company's head.Security and data storage software powerhouse Symantec has agreed to pay $36 million to settle an outstanding Internal Revenue Service tax claim, but a bigger bill related to its acquisition of Veritas is still hanging over the companys head. Symantec June 9 announced that the $36 million settlement takes care of a tax bill that followed an IRS audit of its 2003 and 2004 fiscal years. The original IRS claim was for $100 million. The Cupertino, Calif., company expects to finalize the settlement by the end of June.
In a regulatory statement filed April 17, Symantec said the IRS is demanding roughly $900 million in taxes related to an audit of Veritas, which marketed enterprise data backup software before being snapped up by Symantec.