Copied from USA Today: I imagine this happens quite often but it will be interesting to see how this plays out with such a big household name.
Tax laws should be amended so companies don't get away with tax evasion. Since it's a U.S company and they are supposed to pay tax on their "worldwide income" [profits made by foreign subsidiaries included] they should pay up the tax owed and shut up. Average Joe's pay their taxes and multinational companies have to pay their taxes too.
With ~92k pages of tax rules and regulations, perhaps the better thing to do is simplify the tax code for corporations and individuals. Too much interpretation, too confusing.
I think this is pretty interesting and I applaud the IRS. Corporations (such as Coca-Cola) have been able to expand their companies to various different countries with various different laws. I think a lot of this companies are able to grow even bigger by exploiting tax laws like this. Even worse, so many of our large companies exploit labor laws in other countries. I think it is really disheartening that these companies are able to become overinflated by exploiting all these loopholes by simply placing factories or headquarters in a different location.
Yeah these things happen. Not often with such big amounts but hey, big company results in a big amount of $. You guys are right, the laws are way too complicated and I think it's absolutely ridiculous that these things take so much time.. we are talking about taxes from 2007 to 2009 here!
