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Friday, February 8, 2013

Google Plans Tax Litigation Against IRS

GoogleBloomberg:  Google Plans Litigation Against U.S. Tax Authorities:

Google, which is being probed by several tax agencies around the world, is planning litigation against the IRS over the company’s 2003 or 2004 tax bill, according to a company filing. The company disclosed the potential lawsuit in its annual 10-K report with the SEC filed Jan. 29. A search of federal court records didn’t show that any lawsuit has been filed. ...

The company has used a series of maneuvers to shift profits out of the U.S. and into low-tax countries. The company has used techniques such as the “Double Irish” and “Dutch Sandwich” that route profits through Ireland and the Netherlands into Bermuda. In its annual filing, the company reported its effective tax rate as 19.4% for 2012, down from 21.2% in 2010 and less than half of the combined U.S. federal and state statutory rate of 39.1%.

http://taxprof.typepad.com/taxprof_blog/2013/02/google-plans-.html

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