Home Feature News Microsoft to attraction IRS request for almost $29 billion in again taxes | CNN Enterprise

Microsoft to attraction IRS request for almost $29 billion in again taxes | CNN Enterprise

0
Microsoft to attraction IRS request for almost $29 billion in again taxes | CNN Enterprise

[ad_1]


New York
CNN
 — 

Microsoft plans to contest a US Inside Income Service request for a further $28.9 billion in again taxes for the years 2004 to 2013, the corporate mentioned in a securities submitting Wednesday.

The demand is the results of a yearslong audit by the IRS into Microsoft’s previous accounting practices. Specifically, the company took subject with how the corporate “allotted income … amongst international locations and jurisdictions,” Microsoft mentioned within the submitting.

“The IRS says Microsoft owes a further $28.9 billion in tax for 2004 to 2013, plus penalties and curiosity,” the corporate mentioned. It famous that the IRS’s dedication will not be ultimate and doesn’t embrace as much as $10 billion in taxes Microsoft paid below the 2017 Tax Cuts and Jobs Act that might scale back its ultimate invoice.

The corporate mentioned it plans to attraction the IRS request, a course of that may doubtless take a number of years.

“We imagine we’ve got all the time adopted the IRS’s guidelines and paid the taxes we owe within the U.S. and world wide,” the corporate mentioned within the submitting. “Since 2004, we’ve got paid over $67 billion in taxes to the U.S.”

Microsoft famous that because it prepares to work via the IRS Appeals Course of — and, doubtlessly, the courts — the corporate believes its present “allowances for revenue tax contingencies are ample.”

[ad_2]

LEAVE A REPLY

Please enter your comment!
Please enter your name here