News and Music Discovery
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Lexmark Spent $10.7M Correcting Accounting Deficiencies in Tax Department

iStockPhoto

  Lexmark International, the printer and imaging systems company based in Lexington, says it has spent $10.7 million curing accounting deficiencies in the tax department formerly headed by Kentucky’s new revenue commissioner, Daniel Bork.

Bork left Lexmark last September and joined the Bevin administration three months later.  But the tax accounting problems he left behind at Lexmark remain deficient, and the company is spending millions to fix them. The deficiencies required Lexmark to restate two quarters’ worth of earnings from 2014.

Lexmark spokesman Jerry Grasso would not say if Bork’s departure was related to the accounting problems. But in the company’s annual report for 2015, it said “tax leadership and personnel changes” were among the steps taken to cure them.

Grasso said the company does not discuss personnel matters. Bork declined to be interviewed.

Rick Howlett is a reporter based out of WFPL in Louisville, Kentucky.