Yet, with a handful of employees in a small office here in Reno, Apple [AAPL 603.00 -4.70 (-0.77%) ] has done something central to its corporate strategy: it has avoided millions of dollars in taxes in California and 20 other states.
Apple’s headquarters are in Cupertino, Calif. By putting an office in Reno, just 200 miles away, to collect and invest the company’s profits, Apple sidesteps state income taxes on some of those gains.
California’s corporate tax rate is 8.84 percent. Nevada’s? Zero.
Setting up an office in Reno is just one of many legal methods Apple uses to reduce its worldwide tax bill by billions of dollars each year. As it has in Nevada, Apple has created subsidiaries in low-tax places like Ireland, the Netherlands, Luxembourg and the British Virgin Islands — some little more than a letterbox or an anonymous office — that help cut the taxes it pays around the world.
Eddie Murphy proved to be the undisputed king of comedy as the latest recipient of the...
State and local prosecutors in Minnesota charged an ICE officer Thursday with two counts of second-degree...
A gunman shot and killed eight children – including seven of his own – in what...
About 70 vehicles were involved in a major pileup on a section of a Colorado highway,...
