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Microsoft is grappling with a colossal tax bill, amounting to $28.9 billion, stemming from historical accounting practices scrutinized by the IRS. A contentious audit of almost two decades of Microsoft’s tax payments focused on its accounting trick of offshoring profits to Puerto Rico.that Microsoft, the technology giant with a market capitalization soaring to $2.5 trillion, faces a massive tax bill after an audit spanning almost two decades.
Microsoft encountered a legal setback in January, where it lost a lawsuit that sought to compel the IRS to unveil thousands of audit-related records. The company, however, remains steadfast in its stance, asserting that the IRS’s proposed figure should be reduced by as much as $10 billion. Microsoft claims that the IRS did not account for taxes it paid under the Trump-era Tax Cuts and Jobs Act , a legislation crafted to diminish taxes and incentivize corporations to repatriate their foreign profits at a one-time tax rate. “Microsoft disagrees with these proposed adjustments and will pursue an appeal within the IRS, a process expected to take several years,” the company stated in an SEC filing.
The IRS, having sent Notices of Proposed Adjustment to Microsoft at the end of September, has officially concluded the audit for the 2004-2013 period. However, this is likely to ignite another extended period of legal jousting as Microsoft and the federal agency spar over the actual amount to be paid. The company has expressed its intent to contest any unresolved issues through legal channels if a direct agreement with the IRS does not go ahead.
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IRS says Microsoft owes an additional $29 billion in back taxesMicrosoft received Notices of Proposed Adjustment from the IRS for an additional tax payment of $28.9 billion, the company announced in an 8K filing Wednesday.…
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IRS says Microsoft owes an additional $29 billion in back taxesMicrosoft received Notices of Proposed Adjustment from the Internal Revenue Service for an additional tax payment of $28.9 billion, the company said in an 8K…
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Microsoft: IRS says it owes an additional $29 billion in back taxesJon Swartz is a senior reporter for MarketWatch in San Francisco, covering many of the biggest players in tech, including Netflix, Facebook and Google. Jon has covered technology for more than 20 years, and previously worked for Barron's and USA Today. Follow him on Twitter jswartz.
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Microsoft dips after IRS says it owes another $29 billion in back taxesMicrosoft dips after IRS says it owes another $29 billion in back taxes
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Microsoft discloses IRS says the tech giant owes nearly $29 billion in unpaid taxesMicrosoft just disclosed that the Internal Revenue Service (IRS) has asked for a hefty sum of taxes that it believes the tech company has not paid. The total was $28.9 billion.
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Analysts see little impact on finances as IRS says Microsoft owes $28.9 in back taxesAnalysts see little impact on finances as IRS says Microsoft owes $28.9 in back taxes
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