Internal Revenue Service claims Symantec owes $1 billion in taxes

The U.S. Internal Revenue Service is claiming that the security software market giants Symantec owes the government around $1 billion in taxes. This is because the company allegedly under-reported the value of intellectual property that the software vendor transferred to two Irish subsidiaries.

As per incoming reports, IRS had notified the company of this issue last month. The news became public after Symantec mentioned this in a regulatory filing yesterday.

IRC is claiming that Symantec and Veritas Software both under-priced the intellectual property they licensed to their Irish subsidiaries. Symantec acquired Veritas last year. IRS adds that the two companies had set up the Irish subsidiaries for the purpose of doing business outside of the U.S.

The software company has said that they would be appealing against this tax assessment as they find it totally inaccurate.

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