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King Washington Form 8288-B: What You Should Know
The three companies — Cascade Energy (COCOA), Alaska Oil & Gas (AL-OG), and Baker Oil & Water (BBO)-- are involved in a major gas pipeline project in Washington state. The investigation was started when federal officers suspected potential foreign tax evasion. Cascade Energy (CD) was a natural gas and oil company based out of Portland Oregon. The company was recently acquired by Kinder Morgan (KM), a multinational energy company headquartered in Calgary, Alberta, Canada, in January. Washington is only the fourth state involved in the investigation, which also includes Florida and Oregon. The resolution involves the three company's use of non-U.S. entities when reporting tax related activities on their taxes. The companies' actions allowed them to avoid millions in U.S. taxation. “Washington is once again playing both sides of this particular tax law, avoiding US income tax on their international income, while not reporting on their U.S. Taxes,” said Ferguson. “It is unconscionable for Washington to take in billions of dollars in tax revenue, only to turn around and spend millions of dollars protecting foreign entities from U.S. tax liability. “It is unconscionable for the State of Washington to allow Cascade, AL-OG, Baker, and KM to get away with taking money from the federal government and then not paying U.S. Taxes on that money,” said Ferguson. “Washington may have to raise its tax rate again. Not only do these three companies pay taxes in the states they operate in, but they also take millions of dollars from the Internal Revenue Services.” Washington has long been on the front lines of tax enforcement. Since 2003, Washington State has recovered more than 1.7 billion from foreign corporations that did not pay their fair share of U.S. taxes.
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