Search
 
News

Caterpillar Reaches Settlement with IRS

Neither party has released details of the settlement, but the dispute covered more than $2 billion in back taxes the IRS believed it was due.

By Joe Deaux | September 09, 2022 at 11:35 AM
A Caterpillar crawler dozer at Ideal Tractor in West Sacramento, California, US, on August 1, 2022. Photographer: David Paul Morris/Bloomberg A Caterpillar crawler dozer at Ideal Tractor in West Sacramento, California, US, on August 1, 2022. Photographer: David Paul Morris/Bloomberg

Caterpillar Inc., one of the world’s largest machinery producers, reached a civil settlement with the U.S. Internal Revenue Service (IRS) over a dispute of more than $2 billion that the government said it owed in taxes and penalties.

The company said it reached the settlement for the tax years of 2007 through 2016 without any penalties, but did not disclose how much it actually paid to the government. A quarterly filing by Caterpillar last month said it was “vigorously contesting” proposed increases to tax and penalties for the years of 2007 to 2012.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

Inflation and Labor Are Cooling

Inflation and Labor Are Cooling

Augusta Saraiva |

Fed rate hikes are on hold for now, but some think inflation and the soft job market will lead to cuts in the near future.

Global Bonds Power Ahead

Global Bonds Power Ahead

Rita Nazareth |

Dovish bets take hold, with soft economic readings in both the U.S. and Europe fueling speculation that central banks will cut rates in 2024.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.