If you're reading this, something about your tax situation has you worried. That's fair — the IRS is intimidating until you know how the rules actually work. I'm Darrin Mish, a Tampa tax attorney. I've handled cases like yours for 32 years. Let me walk you through it.
Miner company, Cameco Corp., has tax woes that it may not be able to handle. The IRS suspects that Cameco’s Swiss subsidiary, Cameco Europe Ltd, has not paid taxes at the level required.
Of course, Cameco strongly insists that nothing is out of order. The amount of penalties could add up to as much as $1.5 billion dollars. Comeco is vigilantly fighting this. They claim that it would cripple and destroy the company to pay that amount.
The actual amount the IRS demands is much smaller, and is somewhere in the neighborhood of $32 million. This amount would be what Cameco failed to pay in 2009. Taxes for the years 2010 through 2012 are still outstanding.
It’s typical for many large corporations to get knee-deep in trouble when their taxes go unpaid for one reason or another. In any event, Cameco has a lot to deal with now that the IRS has the company between its crosshairs.
Many companies choose to funnel their earning to foreign companies where they have set up dummy corporations. Today, there appears to be a regenerated effort by the IRS to collect billions and billions of dollars that are hidden in foreign economies.
Check out more IRS News stories by clicking that link.