Current:Home > Contact-usIRS says Microsoft may owe more than $29 billion in back taxes; Microsoft disagrees-Angel Dreamer Wealth Society D1 Reviews & Insights
IRS says Microsoft may owe more than $29 billion in back taxes; Microsoft disagrees
View Date:2024-12-23 20:24:26
SAN FRANCISCO (AP) — The Internal Revenue Service says Microsoft owes the U.S. Treasury $28.9 billion in back taxes, plus penalties and interest, the company revealed Wednesday in a securities filing.
That figure, which Microsoft disputes, stems from a long-running IRS probe into how Microsoft allocated its profits among countries and jurisdictions in the years 2004 to 2013. Critics of that practice, known as transfer pricing, argue that companies frequently use it to minimize their tax burden by reporting lower profits in high-tax countries and higher profits in lower-tax jurisdictions.
Microsoft, which is based in Redmond, Washington, said it followed IRS rules and will appeal the decision within the agency, a process expected to take several years. The company’s shares dropped slightly in aftermarket trading, falling $1.42 to $331.
veryGood! (18965)
Related
- The Daily Money: Mattel's 'Wicked' mistake
- Daniel Craig opens up about his 'beautiful,' explicit gay romance 'Queer'
- Lunds & Byerlys' Lone Star Dip recalled due to 'potential mold growth contamination'
- Unleash Your Magic With These Gifts for Wicked Fans: Shop Exclusive Collabs at Loungefly, Walmart & More
- NFL overreactions: New York Jets, Dallas Cowboys going nowhere after Week 10
- Harris calls Trump ‘incredibly irresponsible’ for spreading misinformation about Helene response
- Travis Kelce's New '90s Hair at Kansas City Chiefs Game Has the Internet Divided
- Pregnant Gypsy Rose Blanchard Shares Glimpse at Baby’s “Adorable Morning Kicks”
- Elon Musk says 'SNL' is 'so mad' Trump won as he slams Dana Carvey's impression
- Drake Bell Details His Emotional Rollercoaster 6 Months After Debut of Quiet on Set
Ranking
- Man waives jury trial in killing of Georgia nursing student
- These police officers had red flags in their past, then used force in a case that ended in death
- Michigan university president’s home painted with anti-Israel messages
- What to know about Hurricane Milton as it speeds toward Florida
- Jana Duggar Reveals She's Adjusting to City Life Amid Move Away From Farm
- FEMA administrator continues pushback against false claims as Helene death toll hits 230
- Drake Bell Details His Emotional Rollercoaster 6 Months After Debut of Quiet on Set
- Trump spoke to Putin as many as 7 times since leaving office, Bob Woodward reports in new book
Recommendation
-
Is Veterans Day a federal holiday? Here's what to know for November 11
-
These ages will get the biggest Social Security 2025 COLA payments next year
-
How would Davante Adams fit with the Jets? Dynamic duo possible with Garrett Wilson
-
These ages will get the biggest Social Security 2025 COLA payments next year
-
November 2024 full moon this week is a super moon and the beaver moon
-
Where is 'College GameDay' for Week 7? Location, what to know for ESPN show
-
‘Menendez Brothers’ documentary: After Ryan Murphy’s ‘Monsters’ Erik, Lyle have their say
-
FEMA administrator continues pushback against false claims as Helene death toll hits 230