IRS Wants A Lot More Than a Coke and a Smile From Coca-Cola, Co.
The Coca-Cola, Co. wants everyone to share a Coke and a smile but the IRS just wants the soft drink company to share it’s profits with the government, in the form of it’s tax bill. The IRS claims that the company has skipped out on more than $3 billion in taxes and interest due from money it earned in foreign countries. According to reports, the IRS audited Coca-Cola for the tax years 2007, 2008 and 2009. The IRS claims that the results of that audit show that the soft drink maker owes $3.3 billion in missed taxes.
So far, the IRS has not threatened Cola-Cola with any penalties. However, the agency has reportedly informed the company that it has recommended to its top lawyer that the case be litigated. For its part, Coke says that the agency’s claims have no merit. Coke is not the first American company to face these kinds of charges from the IRS, as the agency continues to fight large U.S. corporations over tax dollars for profits earned overseas. Microsoft and Amazon are also facing similar claims form the IRS.
A Coca-Cola spokesperson said that the company plans to fight the allegations and do whatever it takes legally to resolve this matter with the IRS. U.S. Corporations must pay the IRS as much as 35 percent of their total profits from around the world in taxes. However, they do not have to pay the tax on foreign profits until they move the money to the U.S. But, because the U.S. charges so much in corporate taxes, many companies simply choose to leave their foreign profits in the countries where they were earned.
Plan Now to Get Full Benefit of Saver’s Credit
Plan Now to Get Full Benefit of Saver’s Credit Plan Now to Get Full Benefit of Saver’s Credit, Tax Break Helps Low- and Moderate-Income Workers Save for Retirement Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2007 and the years ahead, according to the…
Succession Planning for Business Owners
Succession Planning for Business Owners “How can I arrange for the transfer of my business when I retire and yet be able to keep peace in the family?” That’s a common question asked by owners of successful businesses when the time comes to turn over the reins to the next generation. And, although there are…
Testimonials
Testimonials Over the years, the partners and staff at GROCO® have earned the appreciation and respect of their clients. This has been achieved through hard work, expertise, and a dedication to excellent service. Read the following testimonials to see how GROCO® has succeeded in not only meeting but surpassing client expectations. Do you a have…
A Mortgage Refinance with Bad Credit – The Pros and Cons
A Mortgage Refinance with Bad Credit – The Pros and Cons To many, the term ‘bad credit’ is the end of the world when it comes to getting financing in the near future. However, it doesn’t always have to be like that, you can take the bad credit mortgage refinance option! Mortgage refinance vs. equity…