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willybe ,

It said it believed that any taxes owed after the audit would be reduced by up to $10bn based on tax laws passed by former President Donald Trump.

Joe did this

arby ,

They’re talking about the Tax Cuts and Jobs Act of 2017. Joe Biden’s official title at that time was Former Vice President.

willybe ,

Whoosh

funkajunk ,
@funkajunk@lemm.ee avatar

M$ is worth ~$2.5T

They can afford to not give a fuck about $29B, but you just know they aren’t going to pay that full amount in the end.

user224 ,
@user224@lemmy.sdf.org avatar

Damn! I thought it was something like $50B. I mean, that sounds like a really huge amount.

cygnus ,
@cygnus@lemmy.ca avatar

Their market cap isn’t really relevant, it’s not like that “value” is accessible to them, much less usable to pay their bills.

treble ,
@treble@beehaw.org avatar

Ohh no not this money, this is set aside for buying every other corporation ever.

LaLiLuLuCo ,

They can actually issue stock at the market rate to finance shit.

Buelldozer ,
@Buelldozer@lemmy.today avatar

29 Billion represents roughly 20% of their annual Gross Profit. That’s a serious chunk of change, even for them.

autotldr Bot ,

🤖 I’m a bot that provides automatic summaries for articles:

Click here to see the summaryThe Internal Revenue Service has been auditing how the firm allocates profits among countries and jurisdictions. But Microsoft said “the issues raised by the IRS are relevant to the past but not to our current practices”. In a securities filing, Microsoft said the IRS was seeking an additional tax payment of $28.9bn plus penalties and interest. Other American tech firms such as Amazon and Facebook have also faced similar calls to pay more taxes. In June, it agreed to pay $20m to the Federal Trade Commission (FTC) after the company was found to have illegally collected data on children who had started Xbox accounts. But the firm may soon have a victory over its plan to buy Activision Blizzard, which makes Call of Duty, for $68.7bn as the deal is expected to be finalised soon. — Saved 49% of original text.

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