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IRS is auditing how Google Inc. avoided Federal Income Taxes...?

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posted on Oct, 13 2011 @ 12:05 PM
The U.S. Internal Revenue Service is auditing how Google Inc. (GOOG) avoided federal income taxes by shifting profit into offshore subsidiaries, according to a person with knowledge of the matter.

The agency is bringing more than typical scrutiny to how the company valued software rights and other intellectual property it licensed abroad, said the person, who requested anonymity because the audit isn’t public. The IRS has requested information from Google about its offshore deals after three acquisitions, including its $1.65 billion purchase of YouTube, the person said. The transfer overseas of these kinds of rights has enabled Google to attribute earnings to foreign units that pay lower taxes, Bloomberg News reported a year ago.

edit on 13-10-2011 by RowdyAmerican1 because: (no reason given)

posted on Oct, 13 2011 @ 12:08 PM
U.S. companies are sitting on at least $1.375 trillion in earnings in their foreign subsidiaries on which they have paid no federal income taxes, according to a May report by JPMorgan Chase & Co. Companies including Google, Cisco Systems Inc. (CSCO), Pfizer Inc. (PFE), Apple Inc. (AAPL) and Microsoft Corp. (MSFT) are lobbying Congress for a tax holiday on bringing home those profits, which would otherwise be subject to U.S. income tax at the 35 percent corporate rate with a credit for foreign taxes already paid.

posted on Oct, 13 2011 @ 12:11 PM

(Reuters) - General Electric Co (GE.N) went on the defensive on Thursday over a report it paid no income taxes in 2010, unapologetically saying it seeks to reduce what it owes, but expects to pay more this year.

Chief Executive Jeff Immelt said people who assert the corporate tax controversy damages his credibility as head of a White House panel on job creation and economic competitiveness can "think what they think."

"I am completely committed to do a good job," Immelt told ABC News after addressing political and business leaders at the Washington Economic Club.

The New York Times reported last week that GE owed nothing in federal income taxes in 2010 despite earning $14 billion, about a third from its U.S. operations
edit on 13-10-2011 by RowdyAmerican1 because: (no reason given)

posted on Oct, 13 2011 @ 12:36 PM
reply to post by RowdyAmerican1

Sorry Internal Ripoff Service, but your jurisdiction IS Limited to the United States of America.

Technically money earned offshore really isn't taxable until it returns to the US so companies simply leave it offshore.

This is one of the oldest tricks in the books.

Halliburton even went so far as to move their headquarters from Texas to Dubai because most of their profits were being earned overseas supporting the middle east wars as the new replacement for the former US Quartermaster.

With so many unemployed in the US tax revenues are Way down....the Internal Ripoff Service has to find some new sources of income to justify the massive top heavy bureaucracy that they are !

Sorry but Google can afford very good accountants and tax keep your hands out of their pockets.

posted on Oct, 13 2011 @ 01:01 PM
They were told to do so.

They wanted all US companies/money into foreign countries and not in America.

So when the time is right they tell them to pull alllllllll their money out of the worlds countries and bring it back to America....toppling every countries economy.

China may own over $1 Trillion in US Treasuries.....but America's secretly got much more than that sitting in their country that can be pulled out overnight.

BUT....when they do so the American people will see the US dollar as having no value. They won't be happy when there are new Kings in America....while everyone lives in poverty because their meager pay won't get them anything. China would cease exports and Walmarts would close. End of civilization. The Kings would be hunted down over what they did.

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