Facebook’s long-running tax dispute with the IRS finally resumed this month after a lengthy delay caused by the Covid-19 pandemic,
The social media giant is fighting IRS allegations that the company undervalued intangible assets that were allocated to its Irish subsidiary. It is one of a string of high-profile cases the IRS is fighting against multinationals over transfer pricing—the value of assets transferred among related corporate entities.
The U.S. Tax Court recently heard five days of in-person testimony in Washington and the case is scheduled to shift back to San Francisco early next year. Although the trial focuses only on ...