An ITEP report states that Zoom has paid no US taxes for the year it has been used the most. Its benefits multiplied more than 40 times.
If there is a technology company that has grown in 2020, it was Zoom thanks to the pandemic of Covid-19. With many of us staying at home and not seeing anyone from work or friends and family in person, an easy-to-use video calling tool called Zoom grew because it was what the world needed. Despite being the leading 2020 program, it did not contribute federal taxes to the US in the past year.
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The most used tool of 2020 manages to avoid paying taxes
Zoom has a payment plan for professionals and very active users with which to have huge sessions of several hours. Many companies have used it to keep going and led Zoom to its best year with 660 million profit last year compared to 16 million the year before.
According to the Institute on Taxation and Economic Police, (ITEP), Zoom's tax report says it reduced its 2020 tax payments by $ 300 million using share-based compensation. It is a measure in which a company can compensate executives in shares, and that expense can be deducted. They have also enjoyed tax incentives for large technology companies promoted by the presidency of Donald Trump. All this has led to Zoom now having assets of $ 4 billion between cash and shares.
But these tax breaks could end if current President Joe Biden so decides. The current president could decide that those tax exemptions to technology companies that Apple, Facebook and Microsoft also take advantage of to pay less taxes than they are due with respect to their benefits.
Source: ITEP
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