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September 17, 2019 01:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/T4V3xm9aTWg/square-wants-to-be-a-bank-but-doesnt-want-to-be-taxed-like-one
Square Wants To Be a Bank But Doesn't Want To Be Taxed Like One
An anonymous reader quotes a report from The Wall Street Journal: Square has lent $5 billion to small businesses and consumers and applied for a banking license. It operates a nationwide mobile money-transfer business that serves 15 million Americans. But Square says it isn't a financial company. The San Francisco-based payments processor filed a lawsuit last week against its home city to recover $1.3 million in taxes, plus interest and attorneys' fees. Square argued that San Francisco was wrong to classify it as a financial company for tax purposes because it is a technology company that should be subject to a lower tax rate. The refund Square is seeking from San Francisco relates to excess taxes it believes it paid for 2014 and 2015, years when Square was a much smaller company. Square disclosed in its most recent securities filing that it may have to pay San Francisco additional taxes for subsequent years if it was unable to convince the city it was a tech company. The company said in its complaint that its San Francisco operations more closely resemble a technology company than a financial-services firm. The company has roughly 2,200 employees in San Francisco. Square also said in its lawsuit that San Francisco overstates Square's gross receipts because it includes money that the company doesn't get to keep. Square takes a 2.75% cut of most credit-card payments to its small-business customers. More than half of what Square derives from those transactions must be paid out to banks and credit-card networks, the company said. San Francisco's treasurer and tax collector, Jose Cisneros, said that his office's audit of Square was "thorough and fair" and that he stands by its findings. Mr. Cisneros is also a defendant in the case.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/T4V3xm9aTWg/square-wants-to-be-a-bank-but-doesnt-want-to-be-taxed-like-one
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