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Technology Stocks : Microsoft Corp. - Moderated (MSFT)

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From: John Koligman	10/11/2023 4:48:47 PM
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TECH IRS says Microsoft owes an additional $29 billion in back taxes PUBLISHED WED, OCT 11 20234:27 PM EDTUPDATED 3 MIN AGO Jake Piazza @IN/JAKEPIAZZA @JAKE_PIAZZA Microsoft CEO Satya Nadella arrives at federal court on October 2, 2023 in Washington, DC. Nadella is testifying in the antitrust trial to determine if Alphabet Inc.’s Google maintains a monopoly in the online search business, which is expected to last into November. 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 8K filing Wednesday. Microsoft said the dispute concerns the company’s allocated profits between countries and jurisdictions between 2004 and 2013. The company 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’s 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.” This is breaking news. Please check back for updates.

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