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How Google, GE and U.S. Firms Play the Tax ‘Audit Lottery’

Big Companies Have Amassed $188 Billion in Tax Benefits the IRS May Reject
Original publication date: 
Wednesday, December 17, 2014 - 16:02

Buried deep in American companies’ securities filings is an indicator for how aggressively they are working to shield their income from the Internal Revenue Service and other tax authorities.

This company successfully thwarted investors’ efforts to reign in executive pay

We recently told you about four companies ignoring their shareholders’ votes. One was Hecla Mining, a silver producer that held the polls open longer than planned when it looked like shareholders were going to reject management’s pay package.

The vote is only advisory, but Hecla’s stalling worked: Instead of failing 49.6% to 46.7%, the company’s say-on-pay vote passed with 53.7% of the vote.

That sound you heard yesterday was companies dumping 41,565 pages on the SEC’s doorstep

garbage trucks

Think of yesterday afternoon as a triple witching hour of US corporate disclosure: The final minutes of the final day for many big companies to file their latest quarterly reports—and a Friday afternoon, on top of that.

US-listed companies doing business in Iran: $540 million in revenue and counting

Statoil in Iran

Economic sanctions on Iran have been getting tougher in recent years, and the United States tightened the screws a little more last summer with the Iran Threat Reduction and Syria Human Rights Act (PDF).

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