Hewlett Packard Enterprises agreed to a $358 million reduction in unrecognized tax benefits with the IRS, the company said Friday.
IRS issued a Revenue Agent’s Report following its audit of the company’s 2017 through 2019 tax years, resulting in the reduction in unrecognized tax benefits, the company said in a filing. HP agreed with the report.
“A significant majority of these unrecognized tax benefits relates either to adjustments to foreign tax credits that carry a full valuation allowance or to the timing of intercompany royalty revenue recognition, neither of which will affect our effective tax rate,” the company said. ...
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