UnitedHealth Group is currently under investigation by the Internal Revenue Service for allegedly underpaying taxes. The initial findings suggest that the health care giant funneled funds through a foreign subsidiary over a span of four years.
In a recent regulatory filing, UnitedHealth disclosed that the IRS aims to “significantly increase taxable income” for the years 2017 through 2020. Additionally, the company might be required to pay more taxes for years following 2020. The IRS issued these notices, which have not been publicized, to UnitedHealth in March.
Such comprehensive audits by the IRS are quite uncommon and typically scrutinize how large corporations manage internal profit transfers. Given UnitedHealth’s position as one of the world’s top five companies by revenue, this inquiry likely concerns substantial financial amounts.
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