"Microsoft Faces $29bn Back Taxes Dispute in US"

Microsoft plans to contest a request from the US tax authority to pay an additional $28.9 billion in back taxes for the years 2004 to 2013. The Internal Revenue Service has been auditing the company's profit allocation among countries and jurisdictions. Microsoft argues that the issues raised by the IRS are not relevant to its current practices and believes that any taxes owed after the audit will be reduced by up to $10 billion based on tax laws passed by former President Donald Trump. This comes amid ongoing concerns about tech giants minimizing their tax burden by reporting lower profits in high-tax countries.