|
|
|
|
FedEx hit with $319 million tax hitIRS finds that delivery company misreported its employees as independent contractors in 2002 and must pay back taxes. NEW YORK (CNNMoney.com) -- FedEx was ordered to pay $319 million in back taxes by the IRS over a disagreement on how the company classified workers for its ground-delivery business, it said in a filing to the Securities and Exchange Commission Friday. The IRS ruled that in 2002 workers that FedEx considered independent contractors were actually employees of the company, requiring them to pay back taxes for the year. FedEx said in its filing that it will appeal the decision. It also said the IRS is continuing to look into its employee reporting practices for the years 2004 through 2006. FedEx faces numerous lawsuits across the country because it classifies its drivers as contractors rather than full employees. Shares of FedEx (FDX, Fortune 500) closed Friday at $94.29 on the New York Stock Exchange. |
Photo Galleries
Last quarter, the economy grew by the largest amount since the summer of 2007, but there are signs that things are still getting worse. More
Sponsors
|
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
| Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use. Intraday data is at least 20-minutes delayed. All times are ET. Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data. Fundamental data provided by Morningstar, Inc.. SEC Filings data provided by Edgar Online Inc.. Earnings data provided by FactSet CallStreet, LLC. |
