IRS Tells Coca-Cola It Owes $3.3 Billion in Back Taxes

coca-colaThe IRS notified Coca-Cola last week that it owes $3.3 billion in unpaid taxes and interest for 2007 through 2009. Coca-Cola says it disagrees with the IRS and plans to pursue “all administrative and judicial remedies necessary to resolve the matter.” According to Coca-Cola, the tax issue stems from a disagreement over the amount of taxable income the international beverage maker should report on its federal tax returns for its revenue overseas. The company says it has used the same methodology for the last 30 years for calculating its taxable income and that the IRS is reaching in an effort to collect more taxes.

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