U.S. corporates are setting aside more reserves for uncertain tax positions than they are paying the federal government, according to an article in Accounting Today. A study of SEC filings by Fortune 500 companies by the Ferraro Law firm finds they have $187.5 billion in reserves, which compares to the $181 billion in corporate income taxes paid by all corporations last year.
The study says Pfizer has the biggest reserves, at $7.3 billion, followed by J.P.Morgan Chase with $7.2 billion, Microsoft with $6.9 billion and General Electric with $6.4 billion.
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