2017-03-05 — foxnews.com
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Though details remain sketchy on what exactly the feds are after, the raids apparently are tied to Caterpillar's overseas business practices and tax strategies.Â
Initially, Caterpillar only confirmed the raids had taken place. The company later acknowledged the raids were connected to its use of a parts subsidiary based in Switzerland as well as tax practices that sparked a Senate investigation and led to shareholder lawsuits and even a $1 billion penalty.
Caterpillar is currently contesting an Internal Revenue Service demand that it pay $2 billion in taxes and penalties for profits assigned to the subsidiary between 2007 and 2012.''
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