Uber reportedly owes New Jersey $650M in unpaid taxes

New Jersey's Department of Labor said Uber Technologies (UBER) owes the state $650M in unemployment and disability insurance taxes as the company has been misclassifying drivers as independent contractors, Chris Opfer of Bloomberg reports. Uber and subsidiary Rasier LLC were assessed $523M in past-due taxes over the last four years, the state Department of Labor and Workforce Development said in a pair of letters to the companies, according to Opfer. The businesses also owe as much as $119M in interest and penalties on the unpaid amounts, he adds, citing other internal department documents. Shares of Uber are down 27c to $26.44 in morning trading its main competitor Lyft (LYFT) is down $1.90 to $41.40.