levi strauss tax problem

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Jeans maker Levi Strauss & Co. (LS&CO), USA, has revealed errors in its tax returns for 18 and 1 resulting in almost $1 million being wiped off previously reported earnings.

The San Francisco-based business says that in 18 and 1 it mistakenly took the same tax deduction twice for losses related to various manufacturing plant closures. The mistakes are expected to cost the company around $M. in future taxes and force a restatement of previous earnings.

The first casualty of this tax mess is the companys recently released third-quarter 00 results. These will be reduced by around $4.M. to $1.8M.

In addition, whilst the errors did not affect results for fiscal years 18 through 000, they will slice $6M. off net income for 001 and increase that years tax liabilities by $6M. Outside auditors are expected to reaudit the companys 001 financial statements.




LS&CO says that its audit committee will also be looking into the situation.

Levis audit committee has been busy of late. Last month, following an enquiry into allegations made by two former employees, it reported that it had not discovered evidence of tax fraud. It did say, however, that the companys use of various tax reserves in the period 14 to 001 was not supported by sufficient contemporaneous documentation.

that years tax liabilities by $6M. Outside auditors are expected to reaudit the companys 001 financial statements.

LS&CO says that its audit committee will also be looking into the situation.

Levis audit committee has been busy of late. Last month, following an enquiry into allegations made by two former employees, it reported that it had not discovered evidence of tax fraud. It did say, however, that the companys use of various tax reserves in the period 14 to 001 was not supported by sufficient contemporaneous documentation



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