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Facebook, Offshore Assets and the IRS

Facebook, Offshore Assets and the IRS

A California judge has dealt a blow to Facebook in its ongoing battle with the Internal Revenue Service (IRS), ruling that the social media giant does not have a right to move the matter to appeals. That means that Facebook's tax case - focusing on allegations that it failed to report and pay taxes on $7 billion in income overseas - will not be heard in front of the IRS Appeals board, but in the United States Tax Court.