By Natalie Olivo (Jan 3, 2022, 12:02 p.m. EST) – Courts will continue to wrestle this year with high-stakes cases brought by large U.S. multinationals that have accused federal tax authorities of overriding, with disputes, including including FedEx’s challenge to repatriation regulations and Facebook’s fight against multibillion-dollar adjustments to its tax bill.
As the new year unfolds, courts across the country will rule on several closely watched cases in which companies have claimed the Internal Revenue Service and the US Treasury Department have exceeded their authority, in particular when adjusting income or drafting regulations. Facebook, for example, is challenging a transfer pricing adjustment from the IRS, which argued that the tech giant …
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