Microsoft plans to contest a US Internal Revenue Service request for an additional $28.9 billion in back taxes for the years 2004 to 2013, the company said in a securities filing Wednesday.
The demand is the result of a yearslong audit by the IRS into Microsoft’s past accounting practices. In particular, the agency took issue with how the company “allocated profits … among countries and jurisdictions,” Microsoft said in the filing.
“The IRS says Microsoft owes an additional $28.9 billion in tax for 2004 to 2013, plus penalties and interest,” the company said. It noted that the IRS’s determination is not final and does not include up to $10 billion in taxes Microsoft paid under the 2017 Tax Cuts and Jobs Act that could reduce its final bill.
The company said it plans to appeal the IRS request, a process that will likely take several years.
https://www.cnn.com/2023/10/11/tech/microsoft-irs-back-taxes/index.html
https://www.sec.gov/Archives/edgar/data/789019/000119312523254151/d530324d8k.htm
[link] [comments] https://www.reddit.com/r/stocks/comments/175q2pb/microsoft_to_appeal_irs_request_for_nearly_29/
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