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Software | August 17, 2006

More taxes to pay for Cadence and Synopsys

The International Revenue Service in USA, the IRS, wants another $324 million from Cadence Design Systems.
The IRS concluded that Cadence owes an additional $324 million in taxes for the period 2000 through 2002.

"Cadence believes that the proposed IRS adjustments are inconsistent with applicable tax laws, and that Cadence has meritorious defenses to the proposed adjustments," the filing said.

In addition Synopsys, remains involved in a dispute with the IRS over $476 million in back taxes.
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