RENAISSANCE HEDGE FUND EXECS TO PAY £5 BILLION IN BACK TAXES IN US

On 3 September, City AM reported that Renaissance Technology executives and their family members have agreed to pay $7 billion in back taxes and fines as part of a settlement with the US tax authority as part of the largest tax settlement in US history.  The payments relate to trades made by the firm’s Medallion Fund between 2005 and 2015, with the IRS accusing the  company of registering short-term capital gains income as long-term profit which is taxed at a lower rate.  It is reported that the fund’s founder, Jim Simons, will pay an additional $670 million as part of the settlement.

https://www.cityam.com/renaissance-hedge-fund-pay-5bn-back-taxes/

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s