Majority Of Amazon’s $2.5 Billion FTC Settlement Is Tax Deductible
The post Majority Of Amazon’s $2.5 Billion FTC Settlement Is Tax Deductible appeared on BitcoinEthereumNews.com. RICHMOND, CALIFORNIA – JUNE 21: The Amazon Prime logo is displayed on the side of an Amazon delivery truck on June 21, 2023 in Richmond, California. The Federal Trade Commission (FTC) sued Amazon alleging that company has deceived millions of customers into signing up for Prime subscription services and intentionally complicated the cancellation process. (Photo by Justin Sullivan/Getty Images) Getty Images The Federal Trade Commission is proud of its record-breaking settlement with Amazon over allegations that the company enrolled millions of consumers in Prime subscriptions without their consent, and that Amazon then made it difficult for consumers to cancel their Prime membership. The FTC is requiring Amazon to pay a $1 billion civil penalty, plus provide $1.5 billion in refunds back to consumers harmed by what the FTC has characterized as Amazon’s deceptive Prime enrollment practices. Amazon is also required to cease unlawful enrollment and cancellation practices for Prime. The details are in the FTC’s historic $2.5 Billion settlement with Amazon. $1 Billion Penalty and $1.5 Billion Restitution The $1 billion civil penalty is the largest ever in a case involving an FTC rule violation. The $1.5 billion in consumer redress is expected to provide full relief for an estimated 35 million consumers impacted by unwanted Prime enrollment and by the difficulty and delays in canceling Prime. The settlement also requires Amazon to make meaningful changes to its Prime enrollment and cancellation with a clear and conspicuous button for customers to decline Prime. Under the settlement, Amazon can no longer have a button that says, “No, I don’t want Free Shipping.” Amazon must also make it easy for consumers to cancel Prime. The $2.5 billion in payments are big, but the tax laws will soften the actual cost to Amazon. Most people don’t think about tax issues first, but there…
The post Majority Of Amazon’s $2.5 Billion FTC Settlement Is Tax Deductible appeared on BitcoinEthereumNews.com.
RICHMOND, CALIFORNIA – JUNE 21: The Amazon Prime logo is displayed on the side of an Amazon delivery truck on June 21, 2023 in Richmond, California. The Federal Trade Commission (FTC) sued Amazon alleging that company has deceived millions of customers into signing up for Prime subscription services and intentionally complicated the cancellation process. (Photo by Justin Sullivan/Getty Images) Getty Images The Federal Trade Commission is proud of its record-breaking settlement with Amazon over allegations that the company enrolled millions of consumers in Prime subscriptions without their consent, and that Amazon then made it difficult for consumers to cancel their Prime membership. The FTC is requiring Amazon to pay a $1 billion civil penalty, plus provide $1.5 billion in refunds back to consumers harmed by what the FTC has characterized as Amazon’s deceptive Prime enrollment practices. Amazon is also required to cease unlawful enrollment and cancellation practices for Prime. The details are in the FTC’s historic $2.5 Billion settlement with Amazon. $1 Billion Penalty and $1.5 Billion Restitution The $1 billion civil penalty is the largest ever in a case involving an FTC rule violation. The $1.5 billion in consumer redress is expected to provide full relief for an estimated 35 million consumers impacted by unwanted Prime enrollment and by the difficulty and delays in canceling Prime. The settlement also requires Amazon to make meaningful changes to its Prime enrollment and cancellation with a clear and conspicuous button for customers to decline Prime. Under the settlement, Amazon can no longer have a button that says, “No, I don’t want Free Shipping.” Amazon must also make it easy for consumers to cancel Prime. The $2.5 billion in payments are big, but the tax laws will soften the actual cost to Amazon. Most people don’t think about tax issues first, but there…
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