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Tax Audit

All articles tagged with #tax audit

business2 years ago

Foxconn Collaborates with Chinese Authorities on Tax and Land Use Investigations

Apple supplier Foxconn, also known as Hon Hai, has stated that it will cooperate with Chinese authorities in ongoing investigations into tax audits and land use of its subsidiaries. The world's largest contract electronics manufacturer, which assembles products like Apple's iPhones, emphasized its commitment to legal compliance. The investigations come as Foxconn founder Terry Gou seeks to become Taiwan's next president, amid tensions between Beijing and the self-governed island.

via CNBC|
#business#chinese-authorities#foxconn
business2 years ago

Foxconn, Apple's Manufacturer in China, Faces Tax and Land Use Probes

Foxconn, the Taiwanese factory giant and main contractor for Apple's production in China, is reportedly under tax audit and investigation in four provinces. Chinese state media outlets have reported that Foxconn is facing tax inspections in Guangdong and Jiangsu Provinces, as well as investigations in Henan and Hubei Provinces to determine compliance with land use regulations. The company has stated that it will cooperate with relevant units and comply with legal obligations. This comes as local governments in China are increasing tax audits and regulatory reviews on foreign and local companies to collect more revenue and stabilize their finances.

via The New York Times|
#apple#business#china
business2 years ago

Microsoft Challenges IRS with $29B Tax Dispute Following Massive Audit

The Internal Revenue Service (IRS) has claimed that Microsoft owes $28.9 billion in back taxes, penalties, and interest following a 16-year audit that examined the company's profit distribution across different countries from 2004 to 2013. Microsoft disagrees with the IRS's claim and intends to appeal the decision. The audit focused on transfer pricing, a practice that allows companies to report lower profits in countries with higher taxes, minimizing their overall tax obligations. Microsoft maintains that it has complied with IRS rules and will vigorously contest the claim. If required to pay, Microsoft has the financial means to cover the amount.

via Ars Technica|
#business#irs#microsoft
finance2 years ago

IRS confirms higher audit rates for Black taxpayers.

The IRS has confirmed that Black taxpayers are more likely to face an audit, with a recent study finding that they are audited three to five times more than other Americans. The IRS is now considering changes to address the disparity, including examining algorithms for audits of filers claiming the earned income tax credit. The agency has dedicated significant resources to address the issue and will not consider race as part of the audit selection process. Senate Finance Committee Chair Ron Wyden called the findings a "shameful consequence" of racial discrimination and said the previous decade of IRS budget cuts made it "virtually impossible to enforce our tax laws fairly."

via CNBC|
#black-taxpayers#earned-income-tax-credit#finance