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IRS says Fedex owes $319 mln in back taxes-filing

Fri Dec 21, 2007 6:34pm EST

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WASHINGTON, Dec 21 (Reuters) - Fedex Corp (FDX.N) said an audit by the U.S. Internal Revenue Service found that FedEx Ground independent contractors should be reclassified as employees for federal tax purposes and that the company faced taxes and penalties of more than $319 million for 2002, the company said in a regulatory filing on Friday.

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The IRS is auditing similar issues for 2004 through 2006, the company said in the filing with the U.S. Securities and Exchange Commission.

"Given the preliminary status of this matter, we cannot yet determine the amount or a reasonable range of potential loss. However, we do not believe that any loss is probable," Fedex said in the filing. (Reporting by Julie Vorman)

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