{"id":2779,"date":"2024-08-04T17:21:13","date_gmt":"2024-08-04T17:21:13","guid":{"rendered":"https:\/\/www.trulinco.com\/blog\/news-new\/coca-cola-to-pay-6-billion-in-irs-back-taxes-case-while-appealing-judges-decision\/"},"modified":"2024-08-04T17:21:13","modified_gmt":"2024-08-04T17:21:13","slug":"coca-cola-to-pay-6-billion-in-irs-back-taxes-case-while-appealing-judges-decision","status":"publish","type":"news-new","link":"https:\/\/www.trulinco.com\/blog\/news-new\/coca-cola-to-pay-6-billion-in-irs-back-taxes-case-while-appealing-judges-decision\/","title":{"rendered":"Coca-Cola to pay $6 billion in IRS back taxes case while appealing judge&#8217;s decision"},"content":{"rendered":"<div class=\"theme-e FITT_Article_main__body oBTii mrzah\" data-testid=\"prism-GridColumn\" style=\"--grid-column-span-xxs:var(--grid-columns);--grid-column-span-xs:var(--grid-columns);--grid-column-span-sm:var(--grid-columns);--grid-column-span-md:20;--grid-column-span-lg:14;--grid-column-span-xl:14;--grid-column-span-xxl:14;--grid-column-start-xxs:auto;--grid-column-start-xs:auto;--grid-column-start-sm:auto;--grid-column-start-md:3;--grid-column-start-lg:0;--grid-column-start-xl:0;--grid-column-start-xxl:2\">\n<div style=\"--spacing-top:40px;--spacing-bottom:32px;--spacing-child-top:initial;--spacing-child-bottom:24px;--spacing-firstChild-top:initial;--spacing-firstChild-bottom:initial;--spacing-lastChild-top:initial;--spacing-lastChild-bottom:initial;--spacing-compact-top:24px;--spacing-compact-bottom:32px;--spacing-firstChild-compact-top:initial;--spacing-firstChild-compact-bottom:initial;--spacing-child-compact-top:initial;--spacing-child-compact-bottom:24px;--spacing-lastChild-compact-top:initial;--spacing-lastChild-compact-bottom:initial\" class=\"dHdHP jLREf zXXje aGO eCClZ nTLv jLsYA gmuro TOSFd VmeZt sCkVm hkQai wGrlE MUuGM fciaN qQjt DhNVo Tgcqk IGLAf tWjkv\">\n<div class=\"kCTVx qtHut lqtkC HkWF HfYhe kGyAC\" data-testid=\"prism-headline\">\n<h1 class=\"vMjAx gjbzK WaKtx eHrJ mTgUP\"><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ\">Coca-Cola to pay $6 billion in IRS back taxes case while appealing judge&#8217;s decision<\/span><\/h1>\n<p class=\"jxTEW Poyse uieav lqtkC HkWF HfYhe kGyAC\"><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ\">Coca-Cola Co. says it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a federal tax court decision in a case dating back 17 years<\/span><\/p>\n<\/div>\n<div class=\"QHblV nkdHX kvZxL hTosT whbOj\" data-testid=\"prism-byline\">\n<div class=\"VZTD mLASH OcxMG oJce\">\n<div class=\"kKfXc VZTD rEPuv\">\n<div class=\"TQPvQ fVlAg HUcap kxY REjk UamUc WxHIR HhZOB yaUf VOJBn KMpjV XSbaH Umfib ukdDD\"><span class=\"tChGB zbFav\">By<\/span><span>KEN RITTER Associated Press<\/span><\/div>\n<div class=\"VZTD mLASH gpiba\">\n<div class=\"xAPpq JQYD ZdbeE  jTKbV pCRh\">August 2, 2024, 8:15 PM<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"RwkLV Wowzl FokqZ LhXlJ FjRYD toBqx\" data-testid=\"prism-share\">\n<div class=\"JpUfa aYoBt\">\n<ul class=\"MZaCt dUXCH nyWZo RnMws Hdwln WBHfo tAchw UDeQM XMkl NUfbq kqfZ\">\n<li class=\"WEJto\"><button aria-label=\"Share Story on Facebook\" class=\"theme-EWITS mLASH egFzk qXWHA ScoIf ZXRVe jIRH NoTgg OJpwZ uklrk wSPfd ofvJb nMRSd YIauu gGlNh ARCOA kyjTO xqlN aANqO aNnIu GDslh LjPJo RpDvg YYtC rTpcz EDgo UVTAB ihLsD niWVk GYdIS Bdkqu iTpTL Esicv kOEGk WMbJE eVJEc TElCQ ZAqMY enocc pJSQ pvoyF aaksc OKklU ATKRo RfOGv neOGk fuOso DwqSE fnpin ArvQf dUniT Mzjkf Niff NKnwO ijAAn dEuPM vwJ JmUFf sgyq cRbVn sBVbK fCfdG oMkBz aOwuK XsORH EgRXa hMVHb LTwlP jJbTO CnYjj TiUFI qeCAC xqvdn JaQpT dAfv PNgfG fIWCu NewES UJNbG EgBCK UvFHa lCCRi XDQHW spAMS TPSuu sbdDW askuE VsLUC YHsrW pYmVc eHvZI qRTXS odcNV NzKLB DbNtg nKDCU gTRVo iCOvJ znFR hjDDH JboFf OBVry WDGKU nhtNI SSBnQ\" data-testid=\"prism-Button\" type=\"button\" aria-expanded=\"false\" aria-haspopup=\"dialog\"><span class=\"CSJky pdAzW JSFPu\"><svg aria-hidden=\"true\" class=\"\" data-testid=\"prism-iconography\" height=\"1em\" role=\"presentation\" viewbox=\"0 0 32 32\" width=\"1em\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" data-icon=\"social-facebook\"><path fill=\"currentColor\" d=\"M32 16.098C32 7.207 24.837 0 16 0S0 7.207 0 16.098C0 24.133 5.851 30.793 13.5 32V20.751H9.437v-4.653H13.5v-3.547c0-4.035 2.389-6.263 6.043-6.263 1.751 0 3.582.314 3.582.314v3.962h-2.018c-1.988 0-2.607 1.241-2.607 2.514v3.02h4.438l-.709 4.653h-3.728V32c7.649-1.207 13.5-7.867 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.114.057.229.057.286 0 .114.057.229.057.343.114.686.057 1.371-.171 2.057s-.571 1.257-1.086 1.771l-7.2 7.2c-.4.343-.857.629-1.371.8-.571.057-1.143.171-1.657.171-.629 0-1.2-.114-1.771-.343s-1.029-.571-1.486-.971c-.857-.857-1.257-1.943-1.314-3.029s.286-2.229 1.029-3.143l3.314-3.314c-.229-.743-.343-1.543-.4-2.286-.057-.8 0-1.543.171-2.343l-5.6 5.6c-1.371 1.6-2 3.543-1.943 5.543a7.944 7.944 0 002.343 5.371c.8.8 1.657 1.371 2.629 1.771s2 .571 3.029.571c.914 0 1.886-.171 2.743-.514a8.11 8.11 0 002.514-1.486l7.314-7.314a7.936 7.936 0 002.286-4.629 8.21 8.21 0 00-.971-4.857z\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"xdNAs rMQsN cELo NoeP BtinW YHmbu hWtE\"><\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"\">\n<div>\n<div class=\"FeaturedMedia\">\n<div class=\"ResponsiveWrapper\">\n<aside class=\"InlineElement InlineElement--content-width InlineElement--desktop InlineVideo FeaturedVideo\" aria-label=\"Video\">\n<div class=\"SingleVideo\">\n<div class=\"MediaPlaceholder relative MediaPlaceholder--16x9 cursor-pointer\" aria-hidden=\"false\">\n<figure class=\"Image aspect-ratio--parent MediaPlaceholder__Image\">\n<div class=\"RatioFrame aspect-ratio--16x9\"><\/div>\n<div class=\"Image__Wrapper aspect-ratio--child\"><img decoding=\"async\" aria-hidden=\"false\" alt=\"\" class=\"\" data-mptype=\"image\" src=\"https:\/\/i.abcnewsfe.com\/a\/b8adfe34-36d3-412d-bb08-512a3e46a2d0\/wirestory_23d93020a60ab758ac6fcadd4396ec87_16x9.jpg?w=992\"\/><\/div>\n<\/figure>\n<div class=\"MediaPlaceholder__Overlay absolute-fill flex flex-center-all\">\n<div class=\"MediaPlaceholder__Button flex flex-center-all\"><svg focusable=\"false\" aria-hidden=\"true\" class=\"MediaPlaceholder__Icon MediaPlaceholder__Icon--video icon__svg\" viewbox=\"0 0 24 24\"><use xlink:href=\"http:\/\/abcnews.go.com\/#icon__controls__play\"><\/use><\/svg><\/div>\n<div aria-hidden=\"true\" class=\"MediaPlaceholder__Pill  items-center absolute flex\">1:16<\/div>\n<\/div>\n<div class=\"MediaPlaceholder__PlaybackWrapper absolute-fill\"><\/div>\n<\/div>\n<div class=\"Caption__Wrapper\">\n<div class=\"Caption\">\n<div class=\"Caption__TextWrapper\">\n<div class=\"Caption__Text\" aria-live=\"polite\"><span class=\"Truncate Truncate--collapsed\"><span><span class=\"RichText\">FILE &#8211; The Coca-Cola logo adorns the side of a delivery truck May 15, 2024, in southeast Denver. Coca-Cola reports earnings on Tuesday, July 23, 2024. Coca-Cola Co. said Friday, Aug. 2, 2024, it will pay a back tax bill amounting to $6 billion to the Internal Revenue Service while it appeals a federal tax court judge&#8217;s latest ruling in a case dating back 17 years. (AP Photo\/David Zalubowski, File)<\/span><\/span><\/span><\/div>\n<\/div>\n<p><span aria-label=\"The Associated Press\" class=\"RichText Caption__Credit\">The Associated Press<\/span><\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ScrollSpy_container\"><span><\/span><\/div>\n<div class=\"XQpSH\" data-testid=\"prism-divider\"><\/div>\n<div class=\"xvlfx ZRifP TKoO eaKKC bOdfO\" data-testid=\"prism-article-body\">\n<p class=\"EkqkG nlgHS yuUao MvWXB TjIXL aGjvy ebVHC\">Coca-Cola Co. said Friday it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a final federal tax court decision in a case dating back 17 years.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">The <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/hub\/coca-cola-co\">Atlanta beverage giant<\/a> said it will continue to fight and believes it will win the legal dispute stemming from taxes and interest the IRS maintains the company owes from 2007, 2008 and 2009. <\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">\u201cThe company looks forward to the opportunity to begin the appellate process and, as part of that process, will pay the agreed-upon liability and interest,\u201d it said in a statement. Coca-Cola spokesperson Scott Leith declined additional comment to The Associated Press.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">U.S. Tax Court Judge Albert Lauber on Friday issued a two-sentence decision and order ending his look at the case. The dispute reached court in December 2015, shortly after the company said it notified the IRS that <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/coca-cola-irs-says-we-owe-3-3-billion-in-back-taxes-e44670af83504925a1e3693667764d0a\">it owed $3.3 billion<\/a> more in federal taxes and interest for those three years.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">In its Friday statement, Coca-Cola accused the IRS of changing how it let the company calculate U.S. income based on profits amounting to more than $9 billion from foreign licensees and affiliates.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">An IRS spokesperson did not immediately respond Friday to a telephone message from AP about the case.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">In a Securities and Exchange Commission filing in 2015, Coca-Cola said it had been following the same method to calculate its taxable U.S. income from foreign affiliates for nearly 30 years.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">In a company <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/investors.coca-colacompany.com\/filings-reports\/all-sec-filings\/content\/0000021344-24-000044\/0000021344-24-000044.pdf\">quarterly report<\/a> filed with SEC on Monday, which included guidance to investors, the company said it believes the IRS and Lauber \u201cmisinterpreted and misapplied the applicable regulations in reallocating income earned by the company\u2019s foreign licensees.\u201d<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">The publicly traded company said it expected that \u201csome or all of (the $6 billion), plus accrued interest, would be refunded\u201d if Coca-Cola wins its appeal. It has 90 days to file appeal documents.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Last week, the company raised its full-year sales guidance after reporting a <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/cocacola-sales-earnings-coke-c68e3d2b92c5ad95ac9e3102422d10be\">stronger-than-expected second quarter<\/a>, boosted by product price increases.<\/p>\n<div class=\"eTIW QrHMO GbsKS pvsTF EhJPu vPlOC zNYgW OsTsW AMhAA daRVX ISNQ sKyCY eRftA acPPc ebfE nFwaT MCnQE mEeeY SmBjI xegrY VvTxJ iulOd NIuqO zzscu lzDCc aHUBM hbvnu OjMNy eQqcx SVqKB GQmdz jaoD iShaE ONJdw vrZxD OnRTz gbbfF roDbV kRoBe oMlSS gfNzt oJhud eXZcf zhVlX sUzSN\">\n<div data-testid=\"prism-ad-wrapper\" style=\"min-height:250px;transition:min-height 0.3s linear 0s\" data-ad-placeholder=\"true\">\n<div data-box-type=\"fitt-adbox-fitt-article-inline-box\" data-testid=\"prism-ad\">\n<div class=\"Ad fitt-article-inline-box  ad-slot\" data-slot-type=\"fitt-article-inline-box\" data-slot-kvps=\"pos=fitt-article-inline-box\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div><\/div>\n<div class=\"Article__Footer  Article__Footer--news\">\n<div class=\"Article__Footer--items flex flex-wrap flex-no-wrap items-center justify-between\">\n<section class=\"Share flex flex-no-wrap\"><\/section>\n<\/div>\n<div class=\"StoryDivider StoryDivider--logo\">\n<hr\/>\n<p><img decoding=\"async\" alt=\"ABC News\" class=\"Image Logo Logo__xxxl\" data-mptype=\"image\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\"\/><\/p>\n<hr\/>\n<\/div>\n<\/div>\n<div class=\"taboola bmjsw lZur\" data-testid=\"prism-taboola\" style=\"min-height:800px\">\n<div id=\"taboola-below-article-thumbnails\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/abcnews.go.com\/Business\/wireStory\/coca-cola-pay-6-billion-irs-back-taxes-112529491\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"featured_media":2780,"template":"","meta":{"_acf_changed":false},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - 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