Microsoft (MSFT), H-P (HPQ) May Be Libel for Billions in Unpaid Taxes
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Mr. Softee is feeling a little Mr. Rough-ee today following reports that offshore accounts holding billions in cash may be under some severe U.S. scrutiny.
According to reports, Microsoft (Nasdaq: MSFT) might be libel for about $6.5 billion in taxes skirted by holding cash outside the U.S., according to the Senate's Permanent Subcommittee on Investigations.
In addition to Microsoft, Hewlett-Packard (NYSE: HPQ) has come under investigation.
The figure for Microsoft comes from shifting over $21 billion to accounts in places like the Cayman Islands and represents about three years of unpaid taxes, according to a Senate panel memo. The memo also noted that Microsoft shifts royalty revs to lower-tax regions like Singapore and Ireland.
Reps from Microsoft and H-P will testify during the event today, which is scheduled to start at about 2pm EDT. Others at the hearing will be tax executives from the Big Four accounting firms as well as reps from the U.S. IRS.
No comments were issued by Microsoft and H-P ahead of the hearing Thursday. Microsoft remains in positive territory while H-P is down over 1.6 percent at midday.
According to reports, Microsoft (Nasdaq: MSFT) might be libel for about $6.5 billion in taxes skirted by holding cash outside the U.S., according to the Senate's Permanent Subcommittee on Investigations.
In addition to Microsoft, Hewlett-Packard (NYSE: HPQ) has come under investigation.
The figure for Microsoft comes from shifting over $21 billion to accounts in places like the Cayman Islands and represents about three years of unpaid taxes, according to a Senate panel memo. The memo also noted that Microsoft shifts royalty revs to lower-tax regions like Singapore and Ireland.
Reps from Microsoft and H-P will testify during the event today, which is scheduled to start at about 2pm EDT. Others at the hearing will be tax executives from the Big Four accounting firms as well as reps from the U.S. IRS.
No comments were issued by Microsoft and H-P ahead of the hearing Thursday. Microsoft remains in positive territory while H-P is down over 1.6 percent at midday.
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