Fortune 500 Cos. Skipping Hundreds Of Billions In Taxes

Law360, New York (February 26, 2014, 2:35 PM EST) -- More than half of the nation's Fortune 500 companies paid an average 19 percent in corporate income tax over the past few years — nearly 16 percentage points less than the law calls for — due to offshore tax shelters and subsidies, says a report released Wednesday.

The Internal Revenue Code requires U.S. corporations to pay a 35 percent corporate income tax. But between 2008 and 2012, 288 of the highest-performing Fortune 500 companies managed to cut that number — and in many cases, pay negative...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.