LAWSUITS NEWS & LEGAL INFORMATION
Marriott International Inc.
Washington, DC: (Jun-08-07) The Internal Revenue Service and Department of Labor brought charges against hotel operator Marriott International Inc., over their review of one aspect of the company's retirement plan.
In a settlement reached, Marriott International agreed to a $220 million payout to the US Treasury and state tax jurisdictions. The payments reflect income taxes, excise taxes, and interest charges. Marriott also said it fully resolved IRS issues related to audits of its federal tax returns for fiscal 2000 through 2002 over $1 billion in deductions the company took related to its employee stock ownership plan. The settlement will result in an after-tax charge of 13 cents per share and a reduction of about $114 million in shareholders' equity in the second quarter. [FORBES: MARRIOTT TAXES]
Published on Jun-11-07
In a settlement reached, Marriott International agreed to a $220 million payout to the US Treasury and state tax jurisdictions. The payments reflect income taxes, excise taxes, and interest charges. Marriott also said it fully resolved IRS issues related to audits of its federal tax returns for fiscal 2000 through 2002 over $1 billion in deductions the company took related to its employee stock ownership plan. The settlement will result in an after-tax charge of 13 cents per share and a reduction of about $114 million in shareholders' equity in the second quarter. [FORBES: MARRIOTT TAXES]
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