Full news story on Amazon, the SEC, IRS and South Carolina.
Amazon, the SEC, IRS and South Carolina
May 02 2011
In a regulatory filing Wednesday, Amazon said the Securities and Exchange Commission is looking into its sales tax dispute with Texas. The standoff began last September when the state assessed $269 million from Amazon in uncollected sales tax, interest and penalties for the four years to December 2009. Amazon has since threatened to pull its warehouse operations out of Texas
Amazon has another problem on its hands - the Internal Revenue Service recently sent 'Notices of Proposed Adjustment' for 2005 and 2006 relating to the company's 'transfer pricing' with its foreign subsidiaries. The IRS is proposing to increase Amazon's U.S. taxable income for the seven years starting 2005 by about $1.5 billion.
Amazon have also dropped their plans to build a distribution center in South Carolina' after the state's House of Representatives voted against giving Amazon a sales tax incentive.
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