Extortionist IRS takes Facebook to court, signaling start of tougher approach

Signaling a shift in enforcement tactics against big companies that make money from intellectual property, federal tax officials have sought a court order demanding internal corporate records related to one of Facebook's offshore tax strategies.

Extortionist IRS takes Facebook to court, signaling start of tougher approach 1468019824129

Extortionist IRS takes Facebook to court, signaling start of tougher approach 1468019824129

Arguing that the social-media giant missed a deadline last month to turn over such information, the Internal Revenue Service filed a petition on July 6 in San Francisco to the federal court seeking documents and records for the 2010 tax year.

That year, Facebook shifted the global rights for many of its intangible assets - outside the U.S. and Canada - to a subsidiary in low-tax Ireland. The IRS claims that, for tax purposes, the company understated the value of those assets by billions of dollars.

http://www.smh.com.au/business/world-business/irs-takes-facebook-to-court-signaling-start-of-tougher-approach-20160708-gq219w.html

Extortionist IRS takes Facebook to court, signaling start of tougher approach

Extortionist IRS takes Facebook to court, signaling start of tougher approach

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