Posted on 09/19/2015 10:50:46 PM PDT by ForYourChildren
Coca-Cola was notified by the IRS that it owes $3.3 billion more in federal taxes, as well as interest, for 2007 to 2009, the company said Friday.
The Atlanta-based company said in a regulatory filing that it believes the assessments from the Internal Revenue Service are without merit and plans to pursue "all administrative and judicial remedies necessary to resolve the matter."
The maker of Sprite, Dasani, Powerade and other drinks says the disagreement is over how much it should report as taxable income in the U.S., in relation with licensing that allows its foreign affiliates to sell products like soft drink concentrates to bottlers overseas.
It's a tax issue that comes up frequently for multinational companies, said Robert Willens, president of a tax accounting consultancy in New York. He said companies tend to charge their foreign subsidiaries low licensing fees as a way to shift reportable income away from the U.S., where corporate tax rates are higher.
Typically, Willens said, the cases are settled for a fraction of the amount of the assessment.
"They hardly ever get to court, because neither party wants to experience the hazards of litigation," Willens said.
In a filing with the Securities and Exchange Commission, Coca-Cola said it has been following the same methodology for determining its taxable U.S. income for nearly 30 years.
"The IRS now seeks to depart from this long-standing practice in order to increase substantially the amount of tax," the company said in a statement. "We are among hundreds of other companies currently facing these types of adjustments involving payments."
(Excerpt) Read more at finance.yahoo.com ...
I guess our president likes Pepsi. Time to punish all who disagree!
It sounds like somebody at the IRS is a Pepsi drinker.
This could put coke out of business.
Follow the dots. Doritos owned by pepsi just released a faggot line of Doritos ads. Go figger...
Methinks Obama gave marching orders to his gestapo recently.
Again....
Looks like I need to stock up on Coca-Cola!
And government looting continues.
As one of the comments on the site said, “..74,000 plus pages of regulations that not one human being can come close to understanding. Over 3,000 different forms and thousands up thousands of pages of instructions that are nothing but ring around the rosy confusion!”
...
Big corporations like big government. It’s too bad they’ll have to only pay a fraction.
Nah, Coke is pro-fudgepacker too. Enter “coke” on Fr search and you’ll find they’re the same as pepsi. Buy the no-name generic pop which costs less like those in the dollar store..
"Coca-Cola said it has been following the same methodology for determining its taxable U.S. income for nearly 30 years.
"The IRS now seeks to depart from this long-standing practice in order to increase substantially the amount of tax," the company said in a statement. "We are among hundreds of other companies currently facing these types of adjustments involving payments."
This is Tyranny!
Look up the big Pepsi shareholders.
Add a full can of Coca Cola to a brisket before putting it in the oven. Makes it taste great!
The IRS is always trying to gets its grubby hands into someone’s wallet, and then our federal government runs a propaganda campaign against companies smart enough to flee their sphere of influence (the United States).
IRS Storm Troopers
Yes, as the government desires and needs more money to continue to float, it tries to squeeze anything out of everyone.
Animal Farm... make Boxer work harder...
Jeb did say recently, “We have to be a lot more productive … It means that people need to work longer hours and, through their productivity, gain more income for their families.”
Yea, and more taxes for the gubmint.
It would appear that they failed to grease the right palms.
“Big corporations like big government. It’s too bad they’ll have to only pay a fraction.”
Yes, agreed, this is price of extortion to do business. The strong man comes into the neighborhood business and demands his cut; the business must pay, or they send in someone to break the legs. Word has to get out, don’t mess with the man.
Nothing other.
This is all about Buffett endorsing Hillary last week.
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
The ill-conceived 17th Amendment needs to disappear, and corrupt senators who help the corrupt House to pass appropriations bills that Congress cannot justify under its constitutional Article I, Section 8-limited powers along with it.
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