Pitney Bowes Inc., a manufacturer of postage meters, mailing systems and other equipment, agreed to a $1.1 billion tax settlement with the Internal Revenue Service.
The largest part of the settlement -- about $900 million -- resulted from the May sale of Pitney Bowes' Capital Services external financing business for $745 million. The IRS tab represented the amount owed on transactions the company entered into over the past 15 years. The taxes would have been due over the next 20 years, but the sale accelerated the time at which it must be paid.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access