The IRS is suing Facebook for $9bn over unpaid taxes, reports Reuters, targeting its licensing of "intellectual property" to its own Irish subsidiary to shift profits to that lower-taxed jurisdiction.
Under the arrangement, Facebook’s subsidiaries pay royalties to the U.S.-based parent for access to its trademark, users and platform technologies. From 2010 to 2016, Facebook Ireland paid Facebook U.S. more than $14 billion in royalties and cost-sharing payments, according to the court filing.
The company said the low valuation reflected the risks associated with Facebook’s international expansion, which took place in 2010 before its IPO and the development of its most lucrative digital advertising products.
The practice used to be called Double Irish but has become more elaborate in recent years with changes to the law; Ireland remains the hot place to store profits.
In Germany, a court sentenced a 31-year-old Tunisian man to 10 years in prison for planning a biological bomb attack with the deadly poison ricin, which is isolated from the seeds of the castor bean plant. He is said to have ordered the beans online. One can isolate a lethal amount of ricin from them, […]
Wikileaks said Monday that lawyers representing founder Julian Assange will apply for his release on bail because of the high risk in prison of contracting coronavirus and the deadly disease it causes, COVID-19.
Disgraced movie mogul Harvey Weinstein was today sentenced to 23 years in prison after he was found guilty of committing a criminal sex act in the first degree involving one woman victim, and rape in the third degree involving another.
Gather round, young and old — and hear tales of bygone days. Back in olden times, citizens would mass at a house of coffee, wherein skilled java alchemists would concoct special blends and apply artisanal wizardry to make each steaming chalice an appointment for the taste buds. Granted, said wizards, once known as baristas, were […]
The last few weeks have given us all a lot to think about. As we watched stores close, Costco lines snake through parking lots and items like hand sanitizer and toilet paper disappear everywhere like they were Lady Gaga tickets, there’s one significant takeaway it’s safe to say we all can agree on. We should […]
Whether it was Bach or Chopin, Ray Charles or Jerry Lee Lewis, Stevie Wonder, Elton John, Alicia Keys or Norah Jones, there was someone whose mastery on the piano made you think, wow, I wish I knew how to do that. It’s a singular, almost timeless skill — and if you love music, there’s no […]