Renaissance Explores Settlement as IRS Seeks Billions in Taxes

April 10, 2019, 1:42 PM

Hedge fund giant Renaissance Technologies is in talks to resolve a dispute with the Internal Revenue Service over a tax maneuver that saved its owners billions of dollars.

James Simons, the firm’s billionaire founder, and Robert Mercer, an influential backer of President Donald Trump, are among Renaissance insiders who profited from the maneuver and would bear the cost of a settlement. A resolution may entail “substantial” additional payments from investors in the flagship Medallion fund, the firm said in a December letter seen by Bloomberg.

The case is among the largest ever handled by the IRS, pitting it against some ...

To read the full article log in.

Learn more about a Bloomberg Tax subscription.