Posted on 25 January 2011
Tags: goldman, goldman sachs, irs, joint-venture, mitsui-marine, partnership, reinstein, said-the-firm, the-partnership
Sometimes these things are unclear.
A Goldman Sachs Group Inc partnership that specializes in selling derivatives to U.S. municipalities owes $1.55 million in unpaid federal taxes. The U.S. Internal Revenue Service filed a federal tax lien against the Goldman partnership earlier this month for an unpaid balance of taxes from 2009. Although the tax assessment is a drop in the bucket for Goldman, which earned $8.35 billion in 2010, it’s another dose of unwelcome attention for a partnership that has already attracted unwanted scrutiny over its dealings with municipalities and state agencies. Goldman spokesman Michael DuVally said the firm is working with the IRS to resolve the issue, but Goldman believes “we have paid all the relevant taxes.”
The lien against the partnership, Goldman Sachs Mitsui Marine Derivative Products, stems from an IRS assessment of unpaid withholding taxes by a U.S. entity with a foreign partner, according to the filing. The IRS made the assessment last September. Goldman Sachs Mitsui, formed in 1993, is a Delaware-based joint venture between Goldman Sachs and Mitsui Marine & Fire Insurance Co of Japan.
IRS Slaps Lien On Goldman Sachs Derivatives Partnership [Reuters]



Article courtesy of Dealbreaker
Posted on 30 August 2010
Tags: chance, dearth, gig-period, guns, irs, moment, new-gig, prime-physical, taxes, the-industry, ubs
Looking for a new gig (or a gig period)? Disheartened by the dearth of openings in the industry at the moment? Itching for the chance to get all up in UBS’s face? If you’re under 37, in “prime physical condition” and can shoot a gun, the IRS wants you for its Criminal Investigation Divsion, which is now hiring. [FINS]



Article courtesy of Dealbreaker
Posted on 25 August 2010
Tags: alphabet, astronomical, barcelona, hipster, irs, news, nyc
Marcos Esparza Bofill is a twenty-something native of Barcelona who moved to New York in 2006 to “try his hand at day trading.” He did so for a year, in a little set up in his Alphabet City walk-up, to not much success. So after losing most of his money, not being able to pay the rent and figuring that chicks dig musicians more than day traders anyway, Bofill headed home to try and get career number two off the ground. He stayed in touch with his NYC buddies though, and actually had plans to come back to the states to help a friend with a clothing business, perhaps by offering to model the threads (celebrity endorsements and whatnot). Maybe try and get a gig with a hedge fund too, who knows. What Bofill did not anticipate was the possibility of not being let back in the country, and a bill from the IRS for $172 million.
“Who’s the IRS?” Esparza Bofill, a twentysomething Spanish émigré, asked a friend who alerted him to his astronomical back taxes. Esparza Bofill didn’t file an income tax return for the year he was here swapping stocks – and that’s leading to big problems with Uncle Sam. The feds tracked his every trade. But because Esparza Bofill never accounted for his losses or expenses in tax filings, the IRS presumed he made a pure profit – a staggering $500 million in income. “He definitely wasn’t a $500 million-a- year earner,” another friend, who asked not to be identified. “It’s ridiculous,” the pal said of the tax lien. “[The IRS] is just out of control. It makes my stomach turn.” “It’s something that can easily be cleared up,” the friend added. “It’s crazy. He’s a very chilled, relaxed guy. I think he’s making music right now. He plays guitar and I think is doing some deejay stuff, too.
Twenty something day-trader nailed with $172M bill in back taxes, asks ‘What’s the IRS?’ [NYDN]
Former Lower East Side Hipster Owes IRS $172 Million [NYP]



Article courtesy of Dealbreaker
Posted on 21 April 2010
Tags: bills, denies, denies-influence, goldman, goldman-case, irs, madoff, madoff-fights, news, paulson, redesign
$$$ Obama ‘Categorically‘ Denies Influence in SEC’s Goldman Case [CNBC]
$$$ Government Goes High-Tech To Redesign $100 Bills [AP]
$$$ Family Swindled By Madoff Fights $61 Million IRS Bill [Forbes]
$$$ Paulson: On The Hook? [Absolute Return]
Article courtesy of Dealbreaker