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Microsoft Corp.
MSFT,
on Wednesday said it has received a notice from the Internal Revenue Service that it owes $28.9 billion in back taxes plus interest and fines for the tax years 2004 to 2013.
“As of September 30, 2023, we believe our allowances for income tax contingencies are adequate,” Microsoft
MSFT,
said in an 8-K filing. The software giant said it received the notice on Sept. 26.
“We disagree with the proposed adjustments and will vigorously contest the NOPAs through the IRS’s administrative appeals office and, if necessary, judicial proceedings,” added Microsoft, which does not expect a final decision on the matter in the next 12 months.
Regardless, the company does not expect a “significant” increase or decrease in its tax implications over the same time frame.
Microsoft shares are flat in after-hours trading Wednesday.
