The US takes Facebook to court over $9 billion in (allegedly) unpaid taxes

The US takes Facebook to court over $9 billion in (allegedly) unpaid taxes

The Next Web

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Facebook is squaring off against the US over more than $9 billion in allegedly unpaid taxes, Financial Times reports. The US‘ Internal Revenue Service (IRS) says Facebook intentionally “downplayed” intellectual property (IP) it transferred to a subsidiary in Ireland in 2010. Facebook valued that IP, which reportedly includes software and trademarks, at $6.5 billion. The IRS, on the other hand, maintains that number should’ve been closer to $21 billion. [READ: Czech gov wants to slap a 7% ad tax on internet giants like Google and Facebook] Tax authorities say the move essentially shifted a huge chunk of Facebook‘s profits from the…

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