Offshore Profit Shifting and the U.S. Tax Code – Part 1 (Microsoft & Hewlett-Packard)

The Permanent Subcommittee on Investigations held a hearing, “Offshore Profit Shifting and the U.S. Tax Code” on Thursday, September 20, 2012, at 2:00 p.m., in Room G-50  of the Dirksen Senate Office Building. 

The Subcommittee examined the shifting of profits offshore by U.S. multinational corporations and how such activities are affected by the Internal Revenue Code and related regulations. Witnesses included representatives from the Internal Revenue Service, the Financial Accounting Standards Board, Microsoft, Hewlett-Packard and Ernst & Young.