Microsoft in $29bn back taxes dispute in US
Microsoft in $29bn back taxes dispute in US
The IRS has been auditing how the firm allocates profits among countries and jurisdictions.
M$ is worth ~$2.5T
They can afford to not give a fuck about $29B, but you just know they aren't going to pay that full amount in the end.
29 Billion represents roughly 20% of their annual Gross Profit. That's a serious chunk of change, even for them.
Their market cap isn't really relevant, it's not like that "value" is accessible to them, much less usable to pay their bills.
Ohh no not this money, this is set aside for buying every other corporation ever.
They can actually issue stock at the market rate to finance shit.
Damn! I thought it was something like $50B. I mean, that sounds like a really huge amount.
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The Internal Revenue Service has been auditing how the firm allocates profits among countries and jurisdictions.
But Microsoft said "the issues raised by the IRS are relevant to the past but not to our current practices".
In a securities filing, Microsoft said the IRS was seeking an additional tax payment of $28.9bn plus penalties and interest.
Other American tech firms such as Amazon and Facebook have also faced similar calls to pay more taxes.
In June, it agreed to pay $20m to the Federal Trade Commission (FTC) after the company was found to have illegally collected data on children who had started Xbox accounts.
But the firm may soon have a victory over its plan to buy Activision Blizzard, which makes Call of Duty, for $68.7bn as the deal is expected to be finalised soon.
Saved 49% of original text.
It said it believed that any taxes owed after the audit would be reduced by up to $10bn based on tax laws passed by former President Donald Trump.
Joe did this
They're talking about the Tax Cuts and Jobs Act of 2017. Joe Biden's official title at that time was Former Vice President.
Whoosh