Caterpillar denies it broke tax laws
WASHINGTON — Caterpillar is denying that it broke federal tax laws a week after its headquarters and other facilities were raided by the Internal Revenue Service and other federal agencies.
The exact reason for the raids remains unclear, but Caterpillar told the Securities and Exchange Commission in a filing last month that the IRS had notified the company it owed $2 billion in additional taxes because of profits from a Swiss unit.
In a release Friday, the company said, “Caterpillar takes very seriously its obligation to follow tax law and pay what it owes.”
Caterpillar Inc. said it disagrees with the position of the IRS and that it is cooperating with requests from investigators for information.
No charges have been filed against company, which is based in Peoria. At least one shareholder has filed a lawsuit against the company as a result of the federal action.