IRS Says Microsoft Owes $29 Billion in Back Taxes

IRS Says Microsoft Owes $29 Billion in Back Taxes

IRS Says Microsoft Owes , $29 Billion in Back Taxes.br According to an SEC filing, the tech giant br owes the IRS $28.9 billion "plus penalties br and interest," The Verge reports.br Tax years 2004-2013 are reportedly br what Microsoft owes money for. .br Daniel Goff, Microsoft’s corporate br VP for worldwide tax and customs, br issued a response to the audit.br We have changed our corporate br structure and practices since the years br covered by the audit, and as a result, br the issues raised by the IRS are relevant br to the past but not to our current practices. , Daniel Goff, Microsoft’s corporate VP for br worldwide tax and customs, via blog post.br Not reflected in the proposed br adjustments are taxes paid by Microsoft br under the Tax Cuts and Jobs Act (TCJA), br which could decrease the final tax owed br under the audit by up to $10 billion. , Daniel Goff, Microsoft’s corporate VP for br worldwide tax and customs, via blog post.br Microsoft disagrees with these br proposed adjustments and will pursue br an appeal within the IRS, a process br expected to take several years. , Daniel Goff, Microsoft’s corporate VP for br worldwide tax and customs, via blog post.br The IRS has also reportedly taken issue with br how "Microsoft allocated profits during br this time period among countries and br jurisdictions" via cost-sharing, Goff said.br We strongly believe we have acted br in accordance with IRS rules and br regulations and that our position br is supported by case law. , Daniel Goff, Microsoft’s corporate VP for br worldwide tax and customs, via blog post.br Microsoft has paid more than $67 billion br in U.S. taxes since 2004, Goff said.br Meanwhile, Microsoft's $68 billion br Activision Blizzard deal is "expected to br close on Oct. 13," The Verge reports.


User: Wibbitz Top Stories

Views: 36

Uploaded: 2023-10-12

Duration: 01:31

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