Chip-maker Intel has scored a $275-million windfall after settling an outstanding tax bill with the US's Internal Revenue Service.

According to The Register, the IRS informed Intel it has closed its books on an audit of the company's 1999 to 2002 tax returns, resulting in Intel making a payment $275-million less than it had catered for. Intel now says its 2007 tax rate should be below a previous forecast of 30%.
The company sets aside funds for these kinds of problems and, in effect, stashed $275-million too much for this particular audit.
The report adds that Intel and the IRS have been sparring over taxes related to export sales. US tax law affords companies a break on manufactured goods sent out of the country. Intel has contended that the "value" of microprocessors and chipsets built in the US outweighs the value of testing and assembly work done on the parts overseas, while the Feds have taken an opposing view.
The current $275-million bonus aside, Intel still faces an ongoing IRS audit and has yet to settle remaining disputes over goods exported between 2003 and 2006.