Facebook has Still Not Responded to Repeated IRS Tax Summons
In July, the U.S. Department of Justice filed a petition in order to pressurize Facebook Inc. to hand over information to the Internal Revenue Service regarding transfer of assets to social networking companies Ireland based holding company.
In the current week, in an amended complaint IRS noted that Facebook did not comply with the agency's request for the seventh time. According to the complaint, Menlo Park, California based Facebook failed to make appearance on the date which was scheduled for compliance as per the seventh summons, on Friday June 29, 2016. The company did not produce the demanded records, papers, books and other data.
On the other hand, on Thursday Facebook said it could owe billions of dollars to an IRS, related to investigation about how the company moved assets to an Irish subsidiary for averting higher taxes.
A Facebook filing with the Securities and Exchange Commission showed that the IRS tax penalty could turn out to be anywhere between $3 billion to $5 billion, topped with additional interests. Facebook said, in that case, the fine might have a "material adverse impact" on its financial arrangement.
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