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IRS Googling Google

theodp (442580) writes | more than 2 years ago

Google 0

theodp (442580) writes "Bloomberg reports that the IRS is auditing how Google shifted profits offshore to avoid taxes. According to Bloomberg, Google cuts its tax bill by about $1 billion a year using a technique that allocates profits to a unit managed out of a law firm in Bermuda, where there is no corporate income tax. In 2009, the most recent year for which records are available, this subsidiary collected 4.34 billion euros (about $6.1 billion) in royalties from a Google unit in the Netherlands. A spokesman for Google, whose stated mission is 'to organize the world‘s information and make it universally accessible and useful,' called the IRS proble 'a routine inquiry' and declined to comment further."

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