13 replies to this topic

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Quote

(CNN) —A tax watchdog group says Facebook will pay no state or federal taxes on its profits for 2012 -- and will even get $429 million refund.

Citizens for Tax Justice says it found in Facebook's annual earnings report, the social network won't owe any taxes on its $1.1 billion in pre-tax profits for last year.

That's according to a story in Bloomberg Businessweek.

The tax research group says Facebook is using stock options and other forms of compensation to investors and employees for the write-off.

Analysts say the move is legal, and related to the company's decision to go public last year.

A Facebook spokeswoman contacted by Bloomberg Businessweek declined to comment on the tax break, but pointed out tax benefits were discussed on a recent analyst conference call.

http://www.wtae.com/...e-tv+pittsburgh

Annoys me that companies who make so much profit can get away with this type of crap.

[-Razorfold]

Posted on the front page already

http://www.neowin.ne...-refund-instead

[1941]

This has been going on with various companies for years. One reason The IRS code needs to be re written.

[John S.]

-Razorfold, on 18 February 2013 - 19:32, said:

Posted on the front page already

http://www.neowin.ne...-refund-instead

And there's nothing wrong with discussing it here as well.

[-Razorfold]

John S., on 18 February 2013 - 19:35, said:

And there's nothing wrong with discussing it here as well.

Ah sorry, in the past BPN topics were closed if they were reposts of articles on the front page.

[John S.]

-Razorfold, on 18 February 2013 - 19:36, said:

Ah sorry, in the past BPN topics were closed if they were reposts of articles on the front page.

In the past some have seen fit to close them. But there are groups of folks who don't frequent the forums and many who don't visit the front page as well. Just trying to give everyone a chance to discuss the topic.

[Blackhearted]

Rich companies(as well as people) get out of paying taxes? Sounds like just another typical day in america.

[Growled]

That kind of crap just ain't right.

[Hum]

^ Yeah -- we should get a few million in refunds.

John S., on 18 February 2013 - 19:41, said:

In the past some have seen fit to close them. But there are groups of folks who don't frequent the forums and many who don't visit the front page as well. Just trying to give everyone a chance to discuss the topic.

Mind of Solomon, you are.

[FloatingFatMan]

Not right at all, but nothing will change unless the international community listens to the UK's PM, David Cameron, and gets together to stop all these tax dodging companies from getting away with it.

[Growled]

FloatingFatMan, on 19 February 2013 - 08:31, said:

Not right at all, but nothing will change unless the international community listens to the UK's PM, David Cameron, and gets together to stop all these tax dodging companies from getting away with it.

I agree. But money talks, especially behind closed doors.

[Jack 0Neill]

It's Facebook. They should at least donate the money.

John S., on 18 February 2013 - 19:41, said:

In the past some have seen fit to close them. But there are groups of folks who don't frequent the forums and many who don't visit the front page as well. Just trying to give everyone a chance to discuss the topic.

THANK YOU! It has annoyed me to no end when things were closed here just because it was on the frontpage.

[jjkusaf]

Can not blame Facebook. Problem, as mentioned in this thread, is the tax code which allows the companies to do this kind of thing. In other words...if they didn't break a law...good for them.

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jjkusaf, on 20 February 2013 - 04:06, said:

Can not blame Facebook. Problem, as mentioned in this thread, is the tax code which allows the companies to do this kind of thing. In other words...if they didn't break a law...good for them.

Government and Obama included keeps talking about closing all these loop holes, but are any of them actually going to close them? They probably benefit off of them as well.