IRS says Microsoft owes an additional $29 billion in back taxes

In this article

Microsoft CEO Satya Nadella arrives at federal court in Washington, D.C., on Oct. 2, 2023.
Drew Angerer | Getty Images

Microsoft received Notices of Proposed Adjustment from the Internal Revenue Service for an additional tax payment of $28.9 billion, the company said in an 8-K filing Wednesday.

Microsoft said the dispute concerns the company’s allocated profits between countries and jurisdictions between 2004 and 2013. It said up to $10 billion in taxes that the company has already paid are not reflected in the proposed adjustments made by the IRS.

Microsoft plans to contest the notices through the IRS’ administrative appeal and is willing to go to judicial proceedings, if necessary.

“Microsoft disagrees with these proposed adjustments and will pursue an appeal within the IRS, a process expected to take several years,” the company said in its filing. “We believe we have always followed the IRS’s rules and paid the taxes we owe in the U.S. and around the world.”

Microsoft said that as of Sept. 30, 2023, it believes its allowances for income tax contingencies are adequate.

News

Articles You May Like

OnePlus Watch 2 India Launch Date, Design, Details Confirmed; Pre-Reservations Now Open
Honor Magic 6 Pro Secures IMDA Certification, Hinting at Broader Global Launch: Report
WhatsApp Introduces Helpline in India to Diminish AI-Generated Misinformation, Deepfakes
OnePlus 12R Buyers Can Seek Full Refund Until March 16, OnePlus COO Says
Samsung Galaxy A35 5G Design, Key Specifications Leak Via Google Play Console Listing

Leave a Reply

Your email address will not be published. Required fields are marked *