October 24, 2011

Cleveland-based Sherwin-Williams reached a settlement of the Internal Revenue Service's audit of Sherwin-Williams' employee stock ownership plan ("ESOP") that will lead to a charge of $75 million.

Sherwin-Williams has fully resolved all IRS issues for the 2003 through 2009 tax years, the company said. 

Sherwin-Williams received a Notice of Proposed Adjustment from the IRS on May 20, 2011, challenging the ESOP-related federal income tax deductions claimed by Sherwin-Williams and proposing substantial excise taxes and penalties.

January 10, 2011
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