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Facebook tax fraud? Ignore 7 IRS summonses
Posted on: July 27, 2016 at 08:56:02 CT
SuperTone MU
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http://www.bloomberg.com/news/articles/2016-07-27/facebook-fails-to-show-up-for-seventh-tax-summons-from-irs
U.S. tax officials probing 2010 rights transfer to Irish unit
Internal Revenue Service still seeking documents from Facebook
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Facebook Inc. officials failed to show up after getting seven summonses from the Internal Revenue Service demanding internal corporate records on one of its offshore tax strategies, according to an IRS court filing.
U.S. authorities are examining Facebook’s federal income tax liability for the period ending Dec. 31, 2010 and are looking at whether the company understated the value of global rights for many of its intangible assets outside the U.S. and Canada that it transferred to a subsidiary in low-tax Ireland.
While Facebook has supplied some documents to the tax authority, it hasn’t provided books, records, papers and other data demanded in seven summonses, the IRS said in an amended petition filed Monday at the U.S. District Court for the Northern District of California. These include a request to show up at an IRS office in San Jose on June 29.
U.S. tax officials probing 2010 rights transfer to Irish unit
Internal Revenue Service still seeking documents from Facebook
Share on Facebook
Share on Twitter
Share on LinkedIn
Share on Reddit
Share on Google+
Facebook Inc. officials failed to show up after getting seven summonses from the Internal Revenue Service demanding internal corporate records on one of its offshore tax strategies, according to an IRS court filing.
U.S. authorities are examining Facebook’s federal income tax liability for the period ending Dec. 31, 2010 and are looking at whether the company understated the value of global rights for many of its intangible assets outside the U.S. and Canada that it transferred to a subsidiary in low-tax Ireland.
While Facebook has supplied some documents to the tax authority, it hasn’t provided books, records, papers and other data demanded in seven summonses, the IRS said in an amended petition filed Monday at the U.S. District Court for the Northern District of California. These include a request to show up at an IRS office in San Jose on June 29.
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Facebook tax fraud? Ignore 7 IRS summonses - SuperTone MU - 7/27 08:56:02