Social media sites Facebook and LinkedIn are enjoying massive tax breaks on stock options, according to recent reports.
Facebook’s first “10-K” annual financial report since going public last year disclosed in its footnotes that despite $1.1 billion in U.S. profits in 2012, the Menlo Park, Calif.-based company did not pay any federal and state income taxes. Instead, Facebook said it will receive net tax refunds totaling $429 million, according to a report by the advocacy group Citizens for Tax Justice.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access