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Sarbanes-Oxley News & Developments
Taxpayer BewareExpect fewer tax audits of individuals and smaller companies and more audits of larger companies.
> > The tax man is knocking on doors. In June, the IRS informed Motorola that the global communications giant owed an estimated $500 million in back taxes due to transfer-pricing errors. The IRS is also taking a hard look at pharmaceuticals giant GlaxoSmithKline for alleged transfer-pricing problems. The agency says the London-based company owes the US an estimated $5.2 billion in back taxes and interest on profits its U.S. unit earned between 1989 and 1996.
Source: CFO
Published:2004-10-14
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