Facebook is being investigated by the IRS

The U.S. Justice Department filed a petition in court on Wednesday to force Facebook to comply with an ongoing IRS investigation into whether the company significantly understated the value of property transferred to an Ireland subsidiary as part of a complex maneuver to reduce its tax payments

The issue dates back to 2010, according to the IRS, when Facebook shifted the rights for its worldwide business, excluding the U.S. and Canada, to Facebook Ireland, including certain hard to quantify assets like its "user base, online platform and marketing intangibles."

The IRS came to believe that Ernst & Young, the accounting firm tasked with valuing the assets in this transfer, may have "understated" the worth of these intangibles by "billions of dollars," according to a copy of the legal filing provided to CNNMoney.

The IRS has been working to gather information on the 2010 agreement for years, with limited cooperation. read more »

Johnson Controls Settles China Corruption Case With SEC

Manufacturing company Johnson Controls agreed Monday to pay $14 million to settle Foreign Corrupt Practices Act charges with the Securities and Exchange Commission over conduct in China, while the Justice Department closed its investigation into the matter partly because of extensive cooperation by the company. read more »