Uber expects unrecognized tax benefits to be reduced within next year

The U.S. Internal Revenue Service is currently looking at ride-hailing firm Uber Technologies Inc's taxes for 2013 and 2014, and the company said it expects unrecognized tax benefits to be reduced within the next year by at least $141 million.

Uber also said in a filing https://www.sec.gov/Archives/edgar/data/1543151/000162828019007524/0001628280-19-007524-index.htm) on Tuesday that various state and foreign tax authorities were looking into its taxes. The company's shares, which closed up 2% on Monday, were down 1% in premarket trade.

Uber was the biggest of a group of Silicon Valley startups to go public this year against the backdrop of a global stock market sell-off sparked by renewed trade tensions between the United States and China. In its first quarterly report as a public company last week, Uber reported a $1 billion loss as it spent heavily to build up its food delivery and freight businesses.