Apple Inc. (NASDAQ:AAPL)’s tax matters have been under the microscope for a while now, but thanks to the recent inspection from the U.S. Securities and Exchange Commission, the company can rest for a while. The letter, which was dated September 5th, said the review was complete and SEC would take any action.
SEC’s letter to Apple
According to AllThingsD, “In a September letter to Apple Inc. (NASDAQ:AAPL), released late last week, the SEC said it had completed its review of the company’s fiscal 2012 annual report, and would take no action against it at this time. Evidently, there’s no need to, as the agency has found Apple Inc. (NASDAQ:AAPL)’s disclosures to be sufficient, particularly now that it has agreed to provide investors with more information about its foreign cash, tax policies, and plans for reinvestment of foreign earnings. In the SEC’s eyes, Apple Inc. (NASDAQ:AAPL) accounts for taxes in accordance with generally accepted accounting principles.”
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This past year, Apple Inc. (NASDAQ:AAPL) and other technology companies have been under a lot of pressure from tax authorities inside and outside of the United States. There have been numerous reports that they didn’t pay the full amount of their taxes. Under the rules of the SEC, Apple Inc. (NASDAQ:AAPL) has to disclose their finances and taxes on a quarterly basis, or whenever the U.S. government wants it.
Apple paying more taxes
Earlier this year, the Cupertino-based tech giant was questioned by the U.S. Senate Permanent Subcommittee on Investigations. The company’s chief executive officer Tim Cook had to testify. Although his company claims to pay more taxes than any other U.S. corporation, investigators claim the iPhone maker utilizes questionable methods to avoid paying more in taxes.
Apple Inc. (NASDAQ:AAPL)’s success has made it a huge target for both competitors and the government. As one of the most lucrative businesses in the tech market, it’s easy to see how some may assume the company is pulling strings. Fortunately, Apple Inc. (NASDAQ:AAPL) is in the clear this time.