FACEBOOK GETS A MULTI BILLION DOLLAR-TAX BREAK IT'S GOOD TO HAVE FRIENDS IN HIGH PLACES....
IT’S GOOD TO HAVE FRIENDS IN HIGH PLACES….
HEY FRIENDS….Just in case I get banned for another “technical glitch” you’ll know why! -Patty
It hasn’t drawn much attention, but Facebook’s first annual earnings report contains an accounting gem: a multibillion-dollar tax deduction for the cost of executive stock options and share awards.
Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million—according to a Feb. 14 statement from Citizens for Tax Justice.
The tax-research and -lobbying organization says companies such as Facebook should treat stock options the same in their reports to shareholders as they do in their tax filings. Citizens for Tax Justice calls the tax footnotes in Facebook’s Jan. 30 financial statement “an amazing admission,” but there’s nothing illegal about the breaks the company is claiming. Companies like Facebook are allowed to treat the cost of non-cash compensation, such as stock options, as an expense that reduces profits, essentially the way they treat cash compensation such as salaries.
http://www.businessweek.com/articles/2013-02-15/facebook-gets-a-multi-billion-dollar-tax-break
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