The Internal Revenue Service has determined that the software giant owes the U.S. Treasury $28.9 billion in back taxes. Here's what happens next.
Earlier this week, Microsoft disclosed that the Internal Revenue Service has determined that the company owes the U.S. Treasury $28.9 billion in back taxes, covering a 10-year period from 2004 to 2013. One estimate suggests that interest and penalties could add another $10 billion on top of that bill.The company said the issue the IRS raised involved “intercompany transfer pricing.”
Willens says the tax code gives the IRS authority “to prevent tax evasion and to clearly reflect income.” Willens says the IRS never wants to go to court, particularly against a company the size of Microsoft, and that it will “try everything to avoid litigation.” His guess is that the case will eventually settle for a third to 40% of the bill, including penalties and interest. Then, he adds, if Microsoft goes to court, “there is a good chance they’ll lose.”
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