Taxes

Irish Finance Minister expects EU to drop Apple tax investigation

After the European Commission said it was investigating Apple for its tax arrangements with Ireland in June, Irish Finance Minister Michael Noonan said Friday that he expects the case to be dropped. Noonan's comments were made in Brussels, and he said that the EU doesn't have a strong case.

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No Irish luck for Apple as EU commission deems tax deal illegal

European Union regulators have announced in a preliminary ruling that the tax deals brokered between Apple and the Irish government may be constituted as illegal state aid, which would result in hefty fines in back taxes for the Cupertino giant. The deals in question were agreed upon in 1991 and 2007, and the EU Commission believes that these deals allow Apple to pay a much lower tax rate than normal.

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EU to accuse Apple of illegal Irish tax deal

The European Union is apparently set to accuse Apple of taking illegal tax aid from Ireland. The aid allegedly came in the form of sweetheart deals that resulted in a much lower tax rate. Apple currently enjoys a very low tax rate in Ireland, and the company says that no laws were broken in their deal with Ireland, where it's been operating for more than thirty years, according to the Financial Times:

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Cash-starved Italy claims Apple owes them €1 billion in taxes, Apple says figgetaboudit

Italian authorities are claiming that Apple owes them money - namely €1 billion in taxes - and they want to collect. Apple, of course, says no way. Manuela D'Alessandro, writing for Reuters:

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Apple already pays $1 out of every $40 tax dollars the U.S. collects. How much more does the Senate want?

Ahead of the testimony it will be giving before the U.S. Senate tomorrow, Apple (via The Loop) offered up a nicely detailed 17-page PDF document with all sorts of good information inside. The most interesting number is this: Apple pays $1 out of every $40 of income tax collected by the US Treasury. Isn’t it incredible to think that one company is responsible for 2.5% of all US income tax collection?

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Apple vs the U.S. Congress: Can Apple convince Congress to fix cash repatriation tax laws?

It’s quite popular for people reporting on Apple’s financial position to quote the absurdly high level of cash the company holds on its balance sheet. At the end of last quarter the $145 billion is more than a rainy day fund, which is why the board of directors approved a massive stock buyback and dividend hike. Of course Apple won’t be using much of its cash to do this. Instead, it raised debt. Why? Because so much of the cash -- about $102 billion -- is not on US soil. Instead this money is held in other countries.

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Kashoo shows off simple online accounting at Macworld|iWorld 2013

I'd put off procrastinating if I could, never mind far more onerous tasks like expenses, taxes, and... oh, never mind, I'll finish explaining it later. Where was I? Oh, yeah, Kashoo. A simple, online accounting service, Kashoo aims to take "out of sight, out of mind" and make it so quick, so easy, it's faster just to get it done than put it off.

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Apple avoids billions in corporate taxes, states all their practices are legal and ethical

Each year Apple -- an many, many other tech companies -- manages to avoid billions in corporate taxes around the world and across the U.S. They do this by setting up offices and funneling money to tax-friendly places like Ireland and Reno, Nevada. Even though Apple's corporate headquarters is in Cupertino, California, having offices to collect profits and invest money in countries and state with little or no corporate tax, they legally hang on to vast amounts of profit each year.

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TurboTax 2011 comes to iPad

No one likes doing their taxes, but TurboTax is here to make the daunting chore a little easier. With TurboTax 2011 for iPad, you can files your federal and stated tax returns and receive your refund in as little as 7 days. If you used TurboTax online, iPad or Desktop, you can transfer all your info, speeding up the process.

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