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Facebook owes $9B in taxes related to Ireland deal, IRS says:
Facebook is being sued by the Internal Revenue Service, which says the social networking giant owes the US government more than $9 billion in unpaid taxes related to its decision to shift profits to its Irish subsidiary, Reuters reported Tuesday.
The lawsuit, which went to trial on Tuesday in a San Francisco court, alleges that Facebook understated the value of intellectual property it sold to its Irish subsidiary in 2010, the news agency reports. Facebook hardware chief Andrew Bosworth and Chief Technology Officer Mike Schroepfer are expected to testify in the trial, expected to last three to four weeks.
Facebook and other large digital tech companies, including Amazon and Google, are under pressure from countries around the world for not paying what is perceived to be their share of taxes. Ireland is perceived as a popular tax refuge for tech companies because of its relatively low taxes.
Facebook's overseas subsidiaries pay royalties to their parent company for use of its trademark and access to users and platform technologies. Facebook Ireland paid Facebook more than $14 billion in royalties and other payments between 2010 and 2016, according to a court filing cited by Reuters.
(Score: 2) by Snotnose on Saturday February 22 2020, @03:16PM (3 children)
Dunno. The guy that did my taxes retired and moved east. Where east I dunno.
It's gonna be a pain in the ass, I can tell.
When the dust settled America realized it was saved by a porn star.
(Score: 0) by Anonymous Coward on Saturday February 22 2020, @06:50PM (2 children)
The IRS can find him.
In any case, you need to do what is reasonable and get another professional to revise your taxes correctly.
(Score: 2) by Snotnose on Sunday February 23 2020, @01:04AM (1 child)
That's pretty much my plan. Figure I paid $450 for the original tax preparation, and the new guy will want at least that, I'm starting from $450 out and things will only get worse from there. Been using the guy since, dang, '95 or so? with no issues
Makes one wonder if the IRS keeps track of tax preparers who retire, then wait a couple years. Cuz the penalties and usurious interest starts from the moment you file your return, not from the moment they tell you (2 years later) there might be a problem.
When the dust settled America realized it was saved by a porn star.
(Score: 0) by Anonymous Coward on Sunday February 23 2020, @07:09AM
I never had to deal with tax preparers, but don't they have errors and omissions insurance that you can claim on if it was their fault? Should be available even if they retired in the meantime.