Wyndham Worldwide Corp. said Wednesday it will pay $145 million to the Internal Revenue Service to satisfy a tax audit covering 2003 through 2006, when the Parsippany-based hospitality company was still a subsidiary of Cendant Corp.

“We are pleased to have resolved this matter,” said Tom Conforti, Wyndham chief financial officer. The settlement “successfully concludes the IRS audit issues we inherited upon our spin-off from Cendant four years ago,” he added.

Wyndham previously estimated it could face up to $185 million of charges related to the IRS audit, and its financial statements reflected the potential liability.

“As a result of this agreement, in the third quarter 2010, Wyndham Worldwide will realize an approximate $40 million benefit to its net income,” the company said.

The adjustment will reflect “reversals of previously recorded legacy contingent tax liability accruals,” it said.

E-mail Martin C. Daks at mdaks@njbiz.com