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Old 03-02-2017, 01:17 PM   #1
bdchorn
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Anyone know anything about the Fed's raid on their offices in Illinois? I'm in the midst of some business with them and the timing of this is no bueno. News articles don't seem to give any reason for the raid. Obviously will find out in due time but just curious if anyone knows anything.
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Old 03-02-2017, 01:24 PM   #2
Dustinb09
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Just heard about this. Don't know why, but i heard they are at three of the cats main offices.
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Old 03-02-2017, 01:32 PM   #3
BrandonA
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Seems IRS is involved
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Old 03-02-2017, 01:37 PM   #4
Pedernal
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articles pertaining to the raid seem really vague at this point. One has a comment that states that "employees from tax and accounting departments are sequestered". If this is true, I would imaging catapillar has not been paying taxes properly.
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Old 03-02-2017, 01:40 PM   #5
bdchorn
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Quote:
Originally Posted by Pedernal View Post
articles pertaining to the raid seem really vague at this point. One has a comment that states that "employees from tax and accounting departments are sequestered". If this is true, I would imaging catapillar has not been paying taxes properly.
Saw another piece that mentioned BIS (Bureau of Industry and Security) was involved. This often means selling to the wrong countries and could be worse than an IRS problem.
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Old 03-02-2017, 01:42 PM   #6
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Wow
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Old 03-02-2017, 01:53 PM   #7
jerp
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The Feds have not said what they are looking for. However CAT has been fighting an IRS demand that they pay something like $2 billion in taxes and penalties for profits assigned to their Swiss parts distribution subsidiary. They have been accused of shifting profits away from the U.S to avoid taxes. CAT has maintained what they have done is within the law. Also a big law firm that sues companies on behalf of stockholders announced today they are doing an investigation concerning possibly misleading statements to the investing public. The stock is getting clobbered.

Last edited by jerp; 03-02-2017 at 01:57 PM..
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Old 03-02-2017, 02:07 PM   #8
bdchorn
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Quote:
Originally Posted by jerp View Post
The Feds have not said what they are looking for. However CAT has been fighting an IRS demand that they pay something like $2 billion in taxes and penalties for profits assigned to their Swiss parts distribution subsidiary. They have been accused of shifting profits away from the U.S to avoid taxes. CAT has maintained what they have done is within the law. Also a big law firm that sues companies on behalf of stockholders announced today they are doing an investigation concerning possibly misleading statements to the investing public. The stock is getting clobbered.
Thanks Jerp. Yeah, I saw the stock price. I'm hoping this is in fact an IRS issue and not a BIS issue. Could be a buying opportunity soon.
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Old 03-02-2017, 04:27 PM   #9
Tmag
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Hate to see this, hope they get it resolved.
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Old 03-02-2017, 04:56 PM   #10
Landrover
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Quote:
Originally Posted by bdchorn View Post
Saw another piece that mentioned BIS (Bureau of Industry and Security) was involved. This often means selling to the wrong countries and could be worse than an IRS problem.
That would be a DEATH nail. Just cant sell some places on this globe boys and girls!!!
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Hate to see this, hope they get it resolved.
Seems like they have let it get out of hand if RAIDS are taking place..........those don't just get assigned after a few meetings.
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Old 03-02-2017, 09:05 PM   #11
J Sweet
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I read an article pointing towards hiding profits in a Swiss sub to avoid 2.4 Billion in taxes.


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Old 03-03-2017, 10:20 AM   #12
Lungbustr
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https://www.google.com/url?sa=t&sour...qs2vfuYSJPSA1A

It looks like nothing new, just an ongoing tax dispute.
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