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.
Ghislaine Maxwell, the British heiress and longtime confidant of billionaire sex trafficker Jeffrey Epstein, is in FBI custody. She was arrested in New Hampshire, reports NBC News, and charged with conspiracy to sexually abuse children. The six-count indictment in Manhattan federal court alleges that Maxwell helped Epstein groom girls as young as 14 years old, […]
New data privacy law took effect in January, with a six-month grace period
Unions that represent 60,000 hospitality workers in Las Vegas and Reno sued three Nevada casino properties Monday, claiming dangerous working conditions that fail to protect workers from the still accelerating coronavirus outbreak.
What’s your biggest gripe about power strips? Since most power servers like that are pretty standard these days, your beef probably isn’t about performance or connectivity. No, the biggest rap on trying to use many power strips is the curious engineering decision that often leaves multiple oddly shaped plugs and charging units unable to all […]
Between work, family obligations, and just getting to bed at a decent hour, we all have a lot on our plates these days. So, it’s easy for things like grooming and skincare to never be a high-priority issue. That is until they become a high priority issue. Like when your face constantly breaks out. Or […]
Today’s teachers extol the virtues of hands-on learning, the method of helping students, particularly the youngest children, learn through basic doing. From trial-and-error methods to practice honing their emerging skills, youngsters can soak up a world of learning opportunities when their developing minds are unleashed. While the thought of dropping a smartphone or tablet into […]