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The IRS is suing Facebook for $9 billion in unpaid taxes

February 20, 2020

Via: TechSpot
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The Internal Revenue Service is suing Facebook for $9 billion in back taxes. The trial began on Tuesday and is expected to go on for about a month. Five Facebook executives have been subpoenaed to testify, including Chief Technology Officer Mike Schroepfer, AR and VR Vice President Andrew “Boz” Bosworth, Chief Revenue Officer David Fischer, and two others.

The IRS alleges Facebook undervalued intellectual properties when selling them to an Irish subsidiary in 2010. Shuffling money internally this way is not unusual for multinational corporations. Ireland is considered a haven because of its lower corporate tax rates.

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