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

The 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 … [Read more...]

IRS Data Breach Prompts Taxpayers to File Suit

Taxpayers affected by the recent IRS data breach have filed suit against the tax authority alleging that access to their private information “would have been prevented, had the IRS fixed the known security deficits in its data storage system.” According to the suit, the IRS ignored documented recommendations from the Treasury Inspector General for Tax Administration (TIGTA) to improve deficiencies in their security program. Acknowledging that the IRS has faced significant budget cuts in recent … [Read more...]