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.
The Supreme Court of the United States ruled Thursday in the Trump financial documents case, and upholds the Manhattan DA’s subpoena. In a 7-2 decision, SCOTUS ruled that Manhattan District Attorney Cy Vance is entitled to see President Trump’s taxes. Justice Roberts: “In our judicial system, ‘the public has a right to ‘everyman’s evidence.’ Since […]
The FTC and the Justice Department are investigating claims that TikTok, the popular social media app with close ties to China, violated a 2019 agreement to protect children’s privacy.
Today’s serving of the Streisand Effect comes courtesy of American Girl, which hopes that no-one will see Adam the Creator’s “Karen” parody of its dolls.
Back in the 50s and 60s, it was no big deal in most areas to make a call to your local liquor store and have beer, wine and spirits delivered right to your house with little to no restriction. However, that ease and simplicity certainly isn’t in place today. Alcohol delivery laws in 2020 are […]
Unless you’re a regular cannabis user, you might be surprised to learn that the plant itself is basically just that — a plant. It’s not until you put cannabis under high heat that the process of decarboxylation breaks down that raw form into the psychoactive compounds that can actually benefit the body. This unlocking process […]
With our smartphones serving as the vital tether that links us to the rest of our lives, it’s no wonder how low batteries and power emergencies can occasionally feel like a life-and-death situation. I mean, it’s usually not, of course…but darned if it doesn’t feel that way when your indicator is showing only 5 percent […]