The IRS says Coke owes $3.3 billion

The Internal Revenue Service said on Friday that Coca-Cola owes them $3.3 billion.

Coke disclosed that on Thursday it had received a notice from the IRS seeking $3.3 billion, plus interest, after the service completed a five-year audit of its tax years running from 2007 to 2009.

Basically, the IRS is asserting that Coke should recognize some of this income in the US, rather than overseas, and now wants Coke to pay up. The IRS says Coke owes $3.3 billion

Relevant chapters

1. Reputational risks
2. Developing a common framework for disclosing tax information
3. UK - public consultation on tax transparency
4. Tax Transparency examples
5. EU - public consultation on further corporate social responsibility in tax matters