March 2, 2017 was not a good day in Peoria.
That morning, agents from the IRS, Department of Commerce, and Federal Deposit Insurance Corp. turned up at Caterpillar's door with search warrants in hand. Seems they had some questions about back taxes to the tune of $2 billion.
BloombergBusinessweek reports that whistleblower Daniel Schlicksup, a Caterpillar accountant and global tax strategy manager for 16 years could be rewarded big time for speaking up. The IRS standard formula for whistleblower rewards comes out to between 15 and 30 percent of what the agency collects from the guilty company. In this case, Schlicksup could see between $300 and $600 million if Cat is found guilty and depending on how much his information helps the IRS.
Bloomberg's The Whistleblower Behind Caterpillar's Massive Tax Headache describes the timeline and details Schlicksup brought to light. Click here to read how this is case playing out in Peoria.