Forex reserves drop by USD 2.17 billion to USD 584.74 billion

IRS Says Microsoft Owes , $29 Billion in Back Taxes. According to an SEC filing, the tech giant owes the IRS $28.9 billion "plus penalties and interest," The Verge reports. Tax years 2004-2013 are reportedly what Microsoft owes money for. . Daniel Goff, Microsoft’s corporate VP for worldwide tax and customs, issued a response to the audit. We have changed our corporate structure and practices since the years covered by the audit, and as a result, the issues raised by the IRS are relevant to the past but not to our current practices. , Daniel Goff, Microsoft’s corporate VP for worldwide tax and customs, via blog post. Not reflected in the proposed adjustments are taxes paid by Microsoft under the Tax Cuts and Jobs Act (TCJA), which could decrease the final tax owed under the audit by up to $10 billion. , Daniel Goff, Microsoft’s corporate VP for worldwide tax and customs, via blog post. Microsoft disagrees with these proposed adjustments and will pursue an appeal within the IRS, a process expected to take several years. , Daniel Goff, Microsoft’s corporate VP for worldwide tax and customs, via blog post. The IRS has also reportedly taken issue with how "Microsoft allocated profits during this time period among countries and jurisdictions" via cost-sharing, Goff said. We strongly believe we have acted in accordance with IRS rules and regulations and that our position is supported by case law. , Daniel Goff, Microsoft’s corporate VP for worldwide tax and customs, via blog post. Microsoft has paid more than $67 billion in U.S. taxes since 2004, Goff said. Meanwhile, Microsoft's $68 billion Activision Blizzard deal is "expected to close on Oct. 13," The Verge reports.