Intel said IRS settlement to reduce tax burden
Lawyer News
Chipmaker Intel Corp. said on Thursday it will set aside $275 million less than it had planned for taxes as a result of a settlement with the U.S. Internal Revenue Service, and says its 2007 tax rate will be lower than expected.
The IRS told Intel on Tuesday it closed its examination of the chipmaker's tax returns for the years 1999 to 2002, resolving several issues, including the tax benefit for export sales. The two sides also agreed on the tax benefit for export sales for the years 2003 through 2005.
In connection with the settlement, the company expects to reverse previously accrued taxes, which will reduce the current quarter's tax provision and reduce the income tax rate for 2007 below the previous forecast of about 30 percent.
In February, Intel said it would appeal an IRS tax adjustment related to export sales that could increase its tax due by $2.4 billion from 1999 through 2006.
Intel has been contesting the issue since August 2003 when the IRS first gave it notice of the adjustment.
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