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, Microsoftâs 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, Microsoftâs 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, Microsoftâs 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, Microsoftâs 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, Microsoftâs 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.
Indian Cyber Coordination Centre and Microsoft collaborate to block over 1,000 Skype accounts linked to cyber fraud by fraudsters posing as police or government.. IndiaTimes
Microsoft Makes $1.5 Billion , Investment in Leading , UAE Technology Firm.
Microsoft Makes $1.5 Billion , Investment in Leading , UAE Technology Firm.
'The Independent' reports that Microsoft has announced
a $1.5 billion investment in a leading United Arab
Emirates-based artificial intelligence firm. .
'The Independent' reports that Microsoft has announced
a $1.5 billion investment in a leading United Arab
Emirates-based artificial intelligence firm. .
The deal, overseen by the UAE's powerful national security
adviser, will see Microsoft president Brad Smith join
technology holding company G42's board of directors.
The deal, overseen by the UAE's powerful national security
adviser, will see Microsoft president Brad Smith join
technology holding company G42's board of directors.
The UAE's national security adviser,
Sheikh Tahnoon bin Zayed Al Nahyan, is the
current chairman of G42's board of directors. .
In a statement released on April 16, Microsoft
said the deal âwas developed in close consultation
with both the UAE and U.S. governments.â.
In a statement released on April 16, Microsoft
said the deal âwas developed in close consultation
with both the UAE and U.S. governments.â.
G42, which runs data centers in the Middle East
and elsewhere, has built the world's leading
Arabic-language AI model, Jais. .
According to Microsoft, G42 will move its
AI applications and services over to the U.S.
tech giant's cloud computing platform. .
According to Microsoft, G42 will move its
AI applications and services over to the U.S.
tech giant's cloud computing platform. .
The deal will also look to bring digital infrastructure
to regions that G42 has already established
a presence, including the Middle East and Africa.
'The Independent' reports that G42 previously cut ties with
Chinese hardware suppliers to limit U.S. concerns that
the company was closely tied to the Chinese government.
'The Independent' reports that G42 previously cut ties with
Chinese hardware suppliers to limit U.S. concerns that
the company was closely tied to the Chinese government.
Prior to Microsoft's investment, the company
reportedly faced allegations of spying for its
connection to a mobile phone app identified as spyware.
The tech company also faced accusations
that it gathered genetic material from
U.S. users for the Chinese government. .
The tech company also faced accusations
that it gathered genetic material from
U.S. users for the Chinese government.
Credit: Wibbitz Top Stories Duration: 01:31Published
US Government Emails With Microsoft , Were Stolen by Russian Hackers.
On April 11, American officials confirmed
that emails sent between Microsoft and
U.S. government agencies have been
stolen by Russian hackers, CNN reports. .
According to Eric Goldstein, a senior
official at the U.S. Cybersecurity and Infrastructure Security Agency (CISA), .
those emails may have included login information like usernames and passwords.
At this time, we are not aware of any
agency production environments that
have experienced a compromise as
a result of a credential exposure. , Eric Goldstein, a senior official at the U.S. Cybersecurity
and Infrastructure Security Agency (CISA), via CNN.
Even though there is currently no evidence that the stolen credentials have been used to compromise federal computer systems, .
CISA described the occurrence as an "unacceptable risk to agencies.".
As a result, the agency released an "emergency directive" on April 11 ordering those potentially affected by the hack to bolster their defenses. .
The hack was first revealed by
Microsoft in January, but it has gotten more serious as new details continue to emerge.
CNN reports that the U.S. has
previously linked the hackers in question
to Russia's foreign intelligence service. .
A Microsoft spokesperson
issued a statement on April 11.
As we shared in our March 8 blog,
as we discover secrets in our
exfiltrated email, we are working
with our customers to help them
investigate and mitigate, Microsoft spokesperson, via CNN.
This includes working with CISA on
an emergency directive to provide
guidance to government agencies, Microsoft spokesperson, via CNN
Credit: Wibbitz Top Stories Duration: 01:30Published
NYCâs AI Chatbot Has Been , Telling Businesses to Break the Law.
New York City's AI chatbot was created to help small business owners, but it's been dispensing concerning advice, AP reports. .
For example, many small business owners have
been given inaccurate information about local policies or been encouraged to break the law.
However, the city is not removing
the chatbot from its official website.
Instead, it has provided a disclaimer stating that the chatbot may "occasionally produce incorrect, harmful or biased" information.
Critics say that the situation highlights
the dangers of AI being used by
governments without proper guardrails.
Theyâre rolling out software that
is unproven without oversight, Julia Stoyanovich, computer science professor
and director of the Center for Responsible AI
at New York University, via statement.
Itâs clear they have no intention
of doing whatâs responsible, Julia Stoyanovich, computer science professor
and director of the Center for Responsible AI
at New York University, via statement.
Thereâs a different level of trust thatâs
given to government. Public officials need
to consider what kind of damage they can
do if someone was to follow this advice
and get themselves in trouble, Jevin West, a professor at the University of Washington and
co-founder of the Center for an Informed Public, via statement.
Microsoft, which powers the chatbot, said it
is working with the city "to improve the service
and ensure the outputs are accurate and
grounded on the cityâs official documentation.".
On April 2, Mayor Eric Adams said that
letting users find issues with the chatbot is just part of sorting out the new technology.
Anyone that knows technology knows this
is how itâs done. Only those who are fearful
sit down and say, âOh, it is not working the
way we want, now we have to run away from
it all together.â I donât live that way, Mayor Eric Adams, via statement.
Julia Stoyanovich, a computer science professor and director of the Center for Responsible AI at New York University, referred to Adams' approach as "reckless and irresponsible," AP reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
OpenAI and Microsoft Make Plans , for $100 Billion Data Center.
According to The Information, the two companies are planning to build a data center that would house an AI supercomputer
called "Stargate," Reuters reports.
According to The Information, the two companies are planning to build a data center that would house an AI supercomputer
called "Stargate," Reuters reports.
The project, which could cost $100 billion or more, is reportedly set to launch in 2028.
The tentative cost is roughly 100 times
more expensive than some of the
biggest data centers that exist today. .
Demand for AI data centers has increased due to
the rapid advancement of generative artificial intelligence technology, Reuters reports. .
This is because traditional data
centers aren't as capable of handling
the advanced tasks that AI requires. .
Several supercomputers
would be built across five phases.
"Stargate" would be launched in the fifth phase, while a smaller supercomputer would be launched
in the fourth phase, tentatively around 2026.
Microsoft and OpenAI are reportedly
in the third phase currently.
We are always planning for
the next generation of infrastructure
innovations needed to continue
pushing the frontier of AI capability, Microsoft spokesperson, to Reuters .
The cost for the next two phases largely revolves around acquiring expensive AI chips.
In March, Nvidia CEO Jensen Huang said
that the newest "Blackwell" B200 AI chip
will cost between $30,000 and $40,000
Credit: Wibbitz Top Stories Duration: 01:31Published
IRS Says Deadline Approaching , For Over $1 Billion , in 2020 Tax Refunds.
NBC reports that the Internal Revenue Service has
alerted anyone who didn't file a tax return at the height
of the pandemic that they may be eligible for a refund.
According to the IRS, over $1 billion
in unclaimed refunds for 2020
are waiting to be claimed. .
Due to the COVID-19 pandemic,
U.S. taxpayers got an extension on
the normal three-year filing window. .
The new due date is now May 17, 2024,
meaning the last chance for taxpayers
to claim their 2020 refund is looming. .
Thereâs money remaining
on the table for hundreds
of thousands of people who
havenât filed 2020 tax returns, Danny Werfel, IRS Commissioner, via NBC.
Thereâs money remaining
on the table for hundreds
of thousands of people who
havenât filed 2020 tax returns, Danny Werfel, IRS Commissioner, via NBC.
We want taxpayers to claim these refunds,
but time is running out for people who may
have overlooked or forgotten about these
refunds. Thereâs a May 17 deadline to file
these returns so taxpayers should start
soon to make sure they donât miss out, Danny Werfel, IRS Commissioner, via NBC.
According to IRS estimates, , the median refund , for 2020 was $932. .
People faced extremely unusual
situations during the pandemic,
which may have led some people
to forget about a potential refund
on their 2020 tax returns, Danny Werfel, IRS Commissioner, via NBC.
People may have just overlooked these,
including students, part-time workers
and others. Some people may not realize
they may be owed a refund. We encourage
people to review their files and start
gathering records now, so they donât
run the risk of missing the May deadline, Danny Werfel, IRS Commissioner, via NBC.
People may have just overlooked these,
including students, part-time workers
and others. Some people may not realize
they may be owed a refund. We encourage
people to review their files and start
gathering records now, so they donât
run the risk of missing the May deadline, Danny Werfel, IRS Commissioner, via NBC.
NBC reports that the IRS noted that 2020
tax refunds could be withheld if the taxpayer
also failed to file returns in 2021 or 2022
Credit: Wibbitz Top Stories Duration: 01:31Published
Elon Musk , Loses Appeal of , 'Twitter Sitter' Provision .
On April 29, the Supreme Court denied billionaire
Elon Musk's challenge to the terms of a Securities
and Exchange Commission agreement. .
On April 29, the Supreme Court denied billionaire
Elon Musk's challenge to the terms of a Securities
and Exchange Commission agreement. .
NBC reports that the SEC requirement
would require a lawyer to review
the Tesla CEO's social media posts. .
In his appeal, Musk argued that the SEC's requirement,
which has been dubbed the 'Twitter sitter' provision,
unlawfully imposed conditions on his freedom to comment. .
In his appeal, Musk argued that the SEC's requirement,
which has been dubbed the 'Twitter sitter' provision,
unlawfully imposed conditions on his freedom to comment. .
The SEC requirement stems from Musk's tweets in 2018 that
claimed he was taking Tesla private, which shocked the
market and caused shares in the company to surge.
The SEC requirement stems from Musk's tweets in 2018 that
claimed he was taking Tesla private, which shocked the
market and caused shares in the company to surge.
The SEC deemed the tweets
"materially false and misleading,"
and in clear violation of securities laws.
At the time, Musk agreed to settle the issue
with the SEC, which included his signing off
on the so-called "Twitter sitter" provision.
NBC reports that Musk has since said
the restrictions are unconstitutional and that
he was coerced into signing the SEC agreement.
According to court papers, lawyers
representing Musk have accused the SEC
of waging an "ongoing campaign" against Musk.
Musk's legal team claim the provision , "restricts Mr. Muskâs speech even
when truthful and accurate.".
It extends to speech not
covered by the securities laws
and with no relation to the conduct
underlying the SECâs civil action, Elon Musk legal team, via NBC.
In response, the SEC said in court papers
that Musk waived his right to appeal
when he signed off on the settlement.
Credit: Wibbitz Top Stories Duration: 01:31Published
Trumpâs Social Media Company , Sues Co-Founders.
Trump Media & Technology Group filed a
lawsuit against co-founders Wesley Moss and Andrew Litinsky on March 24, ABC News reports.
The suit came two days before shareholders approved a merger that allowed the
company to begin trading on the Nasdaq.
The lawsuit alleges that the two men
"failed spectacularly" to lead the company and made "reckless and wasteful decisions"
that resulted in "significant damage.".
Trump Media wants the co-founders to give up
their shares of the company, among other things. .
TMTG has been forced to file this action
to remedy the harm inflicted upon it by two
faithless fiduciaries and a company they own --
Wesley Moss, Andrew Litinsky, and
[United Atlantic Ventures] -- and to halt their
ongoing attempts to do even more damage, Via lawsuit.
Moss and Litinsky's company,
United Atlantic Ventures, owns 5.5%
of Trump Media, according to the SEC.
That amounts to 7,525,000 shares
which are worth about $388 million.
Donald Trump's stake in the company
is currently valued at over $4 billion.
Since going public last week,
the stock has been very volatile. .
At one time, shares peaked over $79.
On April 1, they plunged by 21%.
Shares recovered slightly on April 2
Credit: Wibbitz Top Stories Duration: 01:30Published
SEC Permitted to Sue Coinbase , for Offering Unregistered Securities.
U.S. District Judge Katherine Polk Failla
has ruled that the Securities and Exchange Commission's (SEC) lawsuit against Coinbase
can proceed, The Verge reports. .
The SEC has sufficiently pleaded
that Coinbase operates as an exchange,
as a broker, and as a clearing agency
under the federal securities laws, , U.S. District Judge Katherine Polk Failla, via ruling.
... and, through its Staking Program,
engages in the unregistered
offer and sale of securities, U.S. District Judge Katherine Polk Failla, via ruling.
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The âcryptoâ nomenclature may be
of recent vintage, but the challenged
transactions fall comfortably within the
framework that courts have used to identify
securities for nearly eighty years, U.S. District Judge Katherine Polk Failla, via ruling.
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Early motions like ours
against a government agency
are almost always denied. , Paul Grewal, Coinbase chief legal officer, via X.
But clarity is the ultimate
goal and todayâs decision
continues us on that path, Paul Grewal, Coinbase chief legal officer, via X.
Looking ahead, we remain confident
in our legal arguments, we look
forward to proving weâre right, , Paul Grewal, Coinbase chief legal officer, via X.
... we are eager for the opportunity to
take discovery from the SEC for the first
time, and we appreciate the Courtâs
continued consideration of our case. , Paul Grewal, Coinbase chief legal officer, via X
Credit: Wibbitz Top Stories Duration: 01:31Published
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