10. Microsoft
Untaxed foreign profit: $29.5 billion
The world's largest software company has been criticized for taking advantage of tax loopholes in some of the markets where it operates. Microsoft shifted its income to Ireland, then the Netherlands, then to Bermuda -- tax strategies known as the Double Irish and the Dutch Sandwich, which are completely legal.
Like Apple, Microsoft is known for maintaining a war chest of cash on its balance sheet -- but many investors may not know that much of it won't ever be spent back in the U.S. As of the end of 2009, the company had $29.5 billion in earnings invested indefinitely offshore.
(Disclosure: Jack Ciesielski owns shares of Microsoft)
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Last updated April 14 2011: 3:59 PM ET
