Microsoft just disclosed that the Internal Revenue Service (IRS) has asked for a hefty sum of taxes that it believes the tech company has not paid. The total was $28.9 billion.
Microsoft just disclosed the Internal Revenue Service has asked for a hefty sum of taxes that it believes the tech company has not paid. The funds, sought through notices of proposed adjustments, totalled $28.9 billion not including penalties and interest, according to a Securities and Exchange Commission filing submitted Wednesday by Microsoft. The IRS apparently believes the company owes that amount for tax years 2004 to 2013. Microsoft said the IRS sent the notices late last month.
Microsoft, while disclosing the situation to the SEC, attached a blog post to its filing. In it, the company explained the "main disagreement" as being over how it "allocated profits during this time period among countries and jurisdictions." Microsoft "acted in accordance with IRS rules and regulations," it argued. Microsoft also said that the IRS did not take up to $10 billion worth of tax payments made under the Tax Cuts and Jobs Act into account.
Over the course of its 2023 fiscal year, Microsoft produced $211.9 billion in revenue, up roughly 6.9% compared to the $198.3 billion it generated in the prior year. Its annual net income, meanwhile, experienced a 0.5% decline, hitting $72.36 billion.
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IRS says Microsoft may owe more than $29 billion in back taxes; Microsoft disagreesThe Internal Revenue Service says Microsoft owes the U.S. Treasury $28.9 billion in back taxes, plus penalties and interest.
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IRS says Microsoft may owe more than $29 billion in back taxes; Microsoft disagreesThe Internal Revenue Service says Microsoft owes the U.S. Treasury $28.9 billion in back taxes, plus penalties and interest.
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IRS tells Microsoft it owes $29 billion in back taxesMicrosoft is in a dispute with the IRS over back taxes the agency says it owes for years 2004 through 2013.
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Microsoft says it received IRS bill for nearly $29 billion in back taxes, plans appealZachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
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IRS says Microsoft owes an additional $29 billion in back taxesMicrosoft received Notices of Proposed Adjustment from the IRS for an additional tax payment of $28.9 billion, the company announced in an 8K filing Wednesday.…
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IRS notifies Microsoft it owes an additional $29 billion in back taxesJon Swartz is a senior reporter for MarketWatch in San Francisco, covering many of the biggest players in tech, including Netflix, Facebook and Google. Jon has covered technology for more than 20 years, and previously worked for Barron's and USA Today. Follow him on Twitter jswartz.
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