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.
There are plenty of productive ways to spend time while stuck indoors. While it’s undoubtedly fun to binge all 15 seasons of Supernatural or sink days of playtime into an Overwatch campaign, learning something new is definitely a more meaningful and long-term beneficial use of open hours. And if you’re going to invest time in […]
If you’ve ever had any musical aspirations — or even if your talent extends no further than turning on the radio — you’ve probably dreamed the “impossible” dream. You dream that maybe you could record some of your songs at home, post them online, build an armada of fan support, attract major label attention and […]
If you’re charting the fortunes of a business, one glance at the right columns can instantly detail that company’s health. If you want to see their current roster of customers, a spreadsheet can bring those clients into sharp focus. Make no mistake — the world of business is still dominated by the all-powerful spreadsheet. It’s […]