Tim Cook to Testify In Front of Senate Committee Over Apple's Tax PracticesApple CEO Tim Cook will testify in front of the U.S. Senate Permanent Subcommittee on Investigation next week, Politico is reporting. The subcommittee is attached to the U.S. Senate Committee on Homeland Security and Governmental Affairs. The hearing, titled "Offshore Profit Shifting and the U.S. Tax Code - Part 2" will occur at 9:30AM on Tuesday May 27th in the Dirksen Senate Office Building. The Subcommittee will continue its examination of the structures and methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code and related regulations. Witnesses will include representatives from the Department of the Treasury, the Internal Revenue Service, representatives of a multinational corporation, and tax experts.Representatives from Microsoft and HP testified on September 12 on the same topic. Apple recently borrowed $17 billion in a bond offering, in part to return cash to shareholders without bringing some of its $100 billion overseas cash pile to the United States. If it were to repatriate that cash to the U.S., it would need to pay a more than $13 billion tax bill. Recent Mac and iOS Blog Stories • Verizon Cuts Price on iPhone 5 by $100 for Some Customers • Mophie Introduces New 2,100 mAh iPhone 5 Battery Case • Limelight for iPhone Lets Users Catalog and Share Movie Choices • iMovie Updated With Bug Fixes and Stability Improvements • ABC Begins Live Streaming Philly and NYC Stations via iOS App • Makers of Clear Tease New iPhone Photography App 'Analog Camera' • Groupon Releases 'Breadcrumb' Point-of-Sale App for iPad • Firefox 21 Launches with Enhanced Social API Support, Health Report
http://www.macrumors.com/2013/05/15/tim-cook-to-testify-in-front-of-senate-committee-over-apples-tax-practices/
