REUTERS/Danish Siddiqui
- Uber disclosed Tuesday that the IRS is looking into its 2013 and 2014 tax returns.
- The company offered no further comment beyond what’s filed with the Securities and Exchange Commission.
- The years in question came under the leadership of ex-CEO Travis Kalanick, as the company raised a massive funding round.
The IRS is looking into Uber’s 2013 and 2014 tax returns, the company disclosed in a regulatory filing Tuesday.
"The Company is currently under a federal income tax examination by the Internal Revenue Service," Uber said in its first quarterly filing with the Securities and Exchange Commission. The form follows Uber’s first earnings report as a public company.
Read more: Uber’s first quarterly earnings report as a public company tops Wall Street expectations
Uber added that it was also under examination by "various state and foreign tax authorities."
"The Company believes that adequate amounts have been reserved in these jurisdictions," the company said.
"To the extent the Company has tax attribute carry forwards, the tax years in which the attribute was generated may still be adjusted upon examination by federal, state or foreign tax authorities to the extent utilized in a future period. For the Company’s major tax jurisdictions, the tax years 2010 through 2019 remain open; the major tax jurisdictions are U.S., Brazil, Netherlands, Mexico, United Kingdom, Australia, Singapore, and India."
Uber did not immediately respond to a request for comment from Business Insider.
The years in question by federal tax authorities fell under ex-CEO and founder Travis Kalanick’s leadership at Uber. In 2014, Uber announced it raised a $1.2 billion fundraising round, valuing the company at $17 billion. Investors in that round included BlackRock, Google Ventures, and more, according to Pitchbook data.
Shares of Uber were up more than 2% in early trading Tuesday, as more than a dozen sell-side research shops launched coverage with a markedly bullish tone. Twenty analysts recommend the stock as a "buy", while five recommend "hold." There are no "sell" recommendations in the Bloomberg analyst poll.
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Source: Business Insider – grapier@businessinsider.com (Graham Rapier)