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Intel Unit Case Could Mean Billions In Taxes For Big Tech

PYMNTS

A tax dispute between Intel and the Internal Revenue Service could cost large technology companies billions of dollars, according to a report by The Wall Street Journal. Altera Corp, acquired by Intel, which inherited the case, sued the IRS in 2012. operations, so they can claim a business-expense deduction, which saves money.

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The Strange Spending Trends Around Sales Tax Holidays

PYMNTS

And though that figure fluctuates a bit from year to year — to an all time high point in 2013 when 52 percent of back-to-school shopping was done by early August, from a low point in 2012 when the figure slipped down to 40 percent — it tends to stay snuggly in the middle range. How Tax Holidays Work. That spend is big spend.

Taxes 101
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Credit Karma’s Revenue is Skyrocketing Thanks to Its Free Products

Bank Innovation

Free credit reporting company Credit Karma reported more than $500 million in revenue in 2016 — a 50% increase compared to the prior year — hitting 70 million members since the launch of its flagship product — credit monitoring — in 2012, the company announced this week. What’s the secret to its success?

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Bank Of England Tells HSBC To Tighten Fraud, Staff Compliance

PYMNTS

HSBC posted an 18 percent loss in pre-tax profits for the third quarter of 2019 compared to the same period last year, reports said. billion in pre-tax profits, below analyst expectations, with revenue at $13.36 HSBC CFO Ewen Stevenson announced plans to restructure the U.K. businesses, which had the greatest losses.

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Brazilian Retailer Magazine Luiza To Compete With Amazon

PYMNTS

The company is aiming to compete directly with Amazon , which launched its online Brazilian operations in 2012. Earlier this year, it was revealed that Amazon was getting ready to launch the fulfillment and delivery network it has been working on in Brazil, which was delayed because of logistics and a complex tax system.

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Paris Sentences 6 In $50M Impersonation Plot 

PYMNTS

Six men were convicted by a Paris court in a $50 million impersonation plot that conned wealthy residents into giving money to help the government with covert operations involving hostages, The New York Times reported on Thursday (March 11). The victims were told that the operation was secret and time-sensitive. million fine.

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Amazon Ready To Launch Its Brazilian Fulfillment And Delivery Network

PYMNTS

Citing Amazon Country Manager Brazil Alex Szapiro, Reuters reported that the launch was delayed because of logistics and a complex tax system but now it plans to directly sell merchandise in 11 categories from more than 800 suppliers, including L’Oreal and Black & Decker. “We

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