IRS seeks more than $7B in back taxes and penalties from Amgen for shifting profits to Puerto Rico
The IRS is now going after both Bristol Myers Squibb and Amgen for dodging billions of dollars in taxes by shifting certain profits to Ireland and Puerto Rico, respectively.
Amgen revealed Wednesday as part of its first quarter earnings report that earlier this month the company received a notice from the IRS questioning its allocation of profits in the US and Puerto Rico between 2010 and 2015, potentially short-changing Uncle Sam by more than $7 billion.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.