Report to federal investigators accuses Caterpillar of tax fraudMar. 7, 2017 10:55 PM ET|About: Caterpillar Inc. (CAT)|By: Carl Surran, SA News Editor [/url]Caterpillar (NYSE:[url=http://seekingalpha.com/symbol/CAT]CAT) is accused in a report commissioned by the U.S. government of carrying out tax and accounting fraud, NY Times reports.
“Caterpillar did not comply with either U.S. tax law or U.S. financial reporting rules,” wrote Leslie Robinson, Dartmouth accounting professor and the author of the report. “I believe that the company’s non-compliance with these rules was deliberate and primarily with the intention of maintaining a higher share price."
The report, which has not been made public or made available to CAT, outlines a company strategy for bringing home billions of dollars from offshore affiliates while avoiding federal income taxes on those earnings, according to NYT.
CAT’s tax practices have been a focus of government investigators since 2014, and the company has since disclosed that the IRS is seeking more than $2B in income taxes and penalties on profits earned by a Swiss subsidiary; last week, federal agents raided three CAT facilities near its Illinois headquarters as part of the investigation (I, II, III). 作者:
mikeon88 時間: 2017-10-24 19:56
