FACEBOOK MAY OWE $5 BILLION IN FEDERAL TAXES
The company said it received a “statutory notice of deficiency” from the IRS in a Securities and Exchange Commission filing on Thursday. The notice only applies to the 2010 tax year, but as Facebook FB -0.78% noted, the agency may extend its scrutiny to other tax years and balloon the tech giant’s federal income tax bill by $3 billion to $5 billion, plus interest and penalties. “We do not agree with the position of the IRS and will file a petition in the United States Tax Court challenging the Notice,” wrote Facebook in its filing.