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.
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