What do you think would happen to you if you ignored a summons to show up before the IRS to answer questions about your taxes? Well, you might get a letter serving you with a second invitation to come down to the local IRS office for a chat. But what if you got summons No. 7 and you still didn’t answer the call of the IRS? Yeah, an audit might be the least of your worries. Well, that’s what Facebook did. The company got seven different summons from the IRS, which wants to examine company’s records about one of its offshore tax strategies involving global rights of intangible assets that aren’t in the U.S. or Canada that were transferred to Ireland. And Facebook ignored every one of them, including one asking the company to show up June 29 at an IRS office in San Jose. And it really is a lot of dough. Between $3 billion and $5 billion. The IRS slapped Facebook with a delinquency notice, saying the company owes that money, plus interest and liabilities, due to how the company went about transferring its global operations to Ireland back in 2010. Facebook has said it will challenge the IRS claim in federal tax court, meaning that it’s too late to settle this over a pint of Guinness.
Is that how you spell Facebook?