It seems the Coca-Cola Company might have some settling up to do with the Internal Revenue Service (IRS). In a regulatory filing dated September, 18, Coca-Cola revealed that it had received a “Statutory Notice of Deficiency” from the IRS to the tune of approximately $3.3 billion in back taxes, the result of a five-year audit. Coke’s alleged deficit stems from profits earned overseas, spanning the tax years of 2007 through 2009.
In the filing, Coca-Cola pledged to fight its bill, saying that it “firmly believes that the assessments are without merit and plans to pursue all administrative and judicial remedies necessary to resolve this matter.”
A Coca-Cola spokesperson told Business Insider that the company is “among hundreds of other companies currently facing these types of adjustments involving payments between related companies, and we will vigorously defend our position. She added that Coca-Cola is “confident [it] will prevail on the merits of this case.”
According to Coca-Cola, the IRS has not demanded that any penalties be paid for the company’s alleged tax delinquency, and that the matter be resolved through litigation between the company and the Chief Counsel of the IRS.