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.

Posted in ,
Ellipsis Health Will Change Behavioral Health, Steven Cupps

How Ellipsis Health Will Change Behavioral Health Diagnosis | Steven Cupps

AlanI’m visiting here today with Steven Cupps, he is the head of Business Development for Ellipsis Health. Welcome to today’s show.Steven Thank you so much for having me.AlanSo Steven, I’d like to hear the background of how you got to the position that you’re in today. What led up to this?StevenBehavioral health has always been a passion of mine. If you think about the entire ecosystem, and in healthcare, it’s really the biggest unmet challenge today. And so what we’re doing at ellipsis is we’re

The Biden Administration Corporate Tax Proposal

California LLC Laws And IRS Identity Theft Reporting

A discussion on the tax history of LLC entities i…

Armin Tahmasbi, Encapsulate

Armin Tahmasbi | Encapsulate

I’m a young entrepreneur and a Ph.D. candidate in Biomedical Engineering program at the University of Connecticut, working on “Drug Delivery Systems, Self-Assembled Nanoparticles & Microfluidic Devices”, in Storrs, CT, US. I’m working in Self-Assembled Functional Nanomaterials Laboratory, under the supervision of Prof. Mu-Ping Nieh on “Drug Delivery Systems for cancer therapy”. We’re developing a universal platform for encapsulating and smart delivery of a wide range of drug molecules and

Spencer Jones, Lineus Medical

Spencer Jones | Lineus Medical

Spencer worked for 3 years in direct patient care as a Certified Nursing Assistant, Licensed Practical Nurse, and as a Registered Nurse. Frustrated with the inefficiencies plaguing the healthcare system, he was determined to play a role in improving the delivery of healthcare. In 2014, Spencer won the annual ARK Challenge, an Arkansas based business accelerator. The product he developed was a dual lumen peripheral IV called the BVAD, which focuses on painless and uncontaminated blood draws.