{"id":71759,"date":"2023-10-12T07:38:04","date_gmt":"2023-10-12T11:38:04","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/irs-notifies-microsoft-it-owes-an-additional-29-billion-in-back-taxes\/"},"modified":"2023-10-12T07:38:07","modified_gmt":"2023-10-12T11:38:07","slug":"irs-notifies-microsoft-it-owes-an-additional-29-billion-in-back-taxes","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=71759","title":{"rendered":"IRS notifies Microsoft it owes an additional $29 billion in back taxes"},"content":{"rendered":"
\n

Microsoft Corp.
\n MSFT,
\n +1.23%<\/bg-quote>
\n on Wednesday said it has received a notice from the Internal Revenue Service that it owes $28.9 billion in back taxes, plus interest and fines, for the tax years 2004 to 2013.<\/p>\n

\u201cAs of September 30, 2023, we believe our allowances for income tax contingencies are adequate,\u201d Microsoft
\n MSFT,
\n +1.23%<\/bg-quote>
\n said in an 8-K filing. The software giant said it received the notice on Sept. 26.<\/p>\n

\n

The dispute is over Microsoft\u2019s allocated profits between countries and jurisdictions, according to Microsoft. The company contends as much as $10 billion in paid taxes are not accounted for in the IRS\u2019s proposed adjustments.<\/p>\n

\u201cWe disagree with the proposed adjustments and will vigorously contest the NOPAs through the IRS\u2019s administrative appeals office and, if necessary, judicial proceedings,\u201d added Microsoft, which does not expect a final decision on the matter in the next 12 months.<\/p>\n

Regardless, the company does not expect a \u201csignificant\u201d increase or decrease in its tax implications over the same time frame.<\/p>\n

Microsoft shares fell slightly in after-hours trading Wednesday.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Microsoft Corp. MSFT, +1.23% on Wednesday said it has received a notice from the Internal Revenue Service that it owes $28.9 billion in back taxes, plus interest and fines, for the tax years 2004 to 2013. \u201cAs of September 30, 2023, we believe our allowances for income tax contingencies are adequate,\u201d Microsoft MSFT, +1.23% said […]<\/p>\n","protected":false},"author":1,"featured_media":71760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-71759","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nIRS notifies Microsoft it owes an additional $29 billion in back taxes | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Microsoft Corp. 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