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Tax Discrepancies Lawsuit


Northwest Airlines pays IRS $12.6 million settlement for taxes and interest.


Tax Discrepancies

Minneapolis, MN: (Jan-03-08) The Internal Revenue Services (IRS) brought charges against Northwest Airlines over tax discrepancies in their bankruptcy filings. Sources stated that Northwest has been settling the last of its bankruptcy claims since exiting Chapter 11 protection in May 2007. Records show that the IRS informed the company that it had significant tax deficiencies in Jan 2005. It also stated that it was not entitled to refunds it claimed for 1993 through 1995 and had underpaid employment taxes on its workers in 1996 and 1997. Northwest officials disputed the findings within weeks, but the matter had not been resolved when it filed for Chapter 11 protection in September 2005.

The IRS filed bankruptcy claims against Northwest for $392.6 million. The bulk of that was $138.2 million in unpaid corporate income taxes for 1996, along with $110.8 million in interest on that amount. As part of a settlement reached, the company negotiated a deal with the IRS, knocking off $380 million from the original amount owed. Sources claim that Northwest got the IRS to settle for $12.6 million. [YAHOO: IRS TAXES]


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 is===1

How do you recover money from a stop payment placed on a personal check given to you?
you can always take them to small claims court and sure them for 3 times the amo...

Protection from damages from Internet advertising fraud for owners of an Incorporated company?
The "corporate veil" that ordinarily protects business owners and managers from ...

Does a Chapter 7 bankruptcy discharge a secured mortgage loan?
Yes if you file they cannot sue you to the knowledge I know. My brother is in re...

Once a storage company takes possession of a stored asset and attempts to sell it to satisfy delinquent storage fees, can they continue to charge for storage?
what we found out is that the guy held onto the car since 99 and now wants all s...

I have a collection account on my credit report which states a later "account opened" date than the original creditor's default date on the very same report. What should I do? Do not want to file for bankruptcy.
You might consider contesting the account problem in question. If you call the c...


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