Facebook moves the IRS into its inner circle While many of us - TopicsExpress

Facebook moves the IRS into its inner circle While many of us loathe tax time, social media giant Facebook (NASDAQ: FB ) is licking its chops because itll likely get another whopping refund this year thanks to a corporate tax law that allows it to use employee stock options as a tax deduction. Because Facebook grants options to its employees, its thus far been able to claim a whopping $3.2 billion in federal and state deductions. The end result is that the IRS wrote Facebook a $295 million refund check in 2012 despite the company earning $1.03 billion in net profit. With $2.17 billion in carryover deductions left for fiscal 2013, Facebook is unlikely to pay any taxes again this year, and will most likely get another refund check from Uncle Sam.