taxes

Apple on Monday posted a full testimony the company plans to present to Congress on Tuesday, detailing how and where it pays corporate taxes.

The 16-page document comes a day ahead of when Apple CEO Tim Cook is set to testify before the Senate Permanent Subcommittee on Investigation, which is looking into various tax-avoidance strategies by technology companies.

In its testimony, Apple pitches itself as a job creator, and it notes that it was likely the largest income tax payer in the country last year, paying out "nearly" $6 billion.

"These payments account for $1 in every $… Read more

In yet another recent example of Apple's increasing role in Washington politics, CEO Tim Cook reportedly plans to propose a "dramatic simplification" of corporate tax laws before Congress next week -- and is taking to the D.C. press to argue his case.

At a hearing on May 21 before the Senate Permanent Subcommittee on Investigation, which CNET learned about last night, Cook says he will present proposals aimed at "encouraging companies to bring back foreign earnings to the United States and invest that money into creating jobs, as well as research and development," according … Read more

Apple will reportedly be the subject of a Senate hearing next week into U.S. companies' offshore tax practices.

Apple CEO Tim Cook is expected to testify Tuesday before the Senate Permanent Subcommittee on Investigation, according to Politico, which first reported on Apple's involvement at the hearing. The committee has been examining the various tax-avoidance strategies used by companies, including Microsoft and Hewlett-Packard, and how that affects U.S. interests.

Apple recently announced a $17 billion bond plan as part of its shareholder capital returns plan that will save it $9.2 billion in taxes it would have had … Read more

Leaked from today's 404 episode:

- Today I learned Dave Chappelle was in a "Home Improvement" spinoff that was actually made.

- Twelve things that will get you banned on Xbox.

- You won't remember anything, including this article, unless you print it out.

- Senate passes Internet sales tax bill by 2-to-1 margin.… Read more

The U.S. Senate on Monday approved a controversial bill by more than a 2-to-1 margin that would allow states to levy taxes on Internet purchases.

The Marketplace Fairness Act, which would allow states to require online vendors to collect sales and use tax on certain out-of-state purchases, was approved in a bipartisan vote of 69 to 27. The bill, which already has the support of President Obama, will now move on to the House of Representatives.

If approved, the bill would overturn a 1992 Supreme Court ruling that found out-of-state retailers generally don't have to collect taxes unless … Read more

Update: The Senate late today passed the bill, sending it to the House.

The U.S. Senate is planning to vote Monday to levy new taxes on mobile app developers, cloud computing services, music and movie downloads, and even people selling collections of WordPress themes.

Senators who are backing the legislation known as S.743 describe it as a way to force out-of-state retailers to collect taxes on physical shipments. Sen. Mike Enzi, R-Wyo., claims his bill will "put local and Main Street retailers on a level playing field with their out-of-state and online counterparts."

What Enzi and … Read more

Many polls from the past few years have found that lawmakers in Washington, D.C. are just slightly less popular than catching the flu while on a beach vacation. Remarkably, the U.S. Senate could approve a bill this week that will likely make lawmakers even less popular with many online shoppers.

The Senate is expected to vote as early as Monday on the long-debated issue of an Internet sales tax. The bill being considered in Washington now would require online outlets with sales of at least $1 million to collect sales tax in all states, even those in which … Read more

Google could be called back into questioning over its U.K. tax payments, according to a new report.

Speaking to Margaret Hodge, head of the U.K.'s Public Accounts Committee (PAC), which examines government financial affairs, Reuters reported on Wednesday that Google representatives will be brought back to the U.K. for questioning on whether the company derives any of its income through the U.K., thus requiring it to pay more in taxes to that country.

Last year, Google vice president for Northern and Central Europe, Matt Brittin, said before the PAC that no one in his company … Read more