Steve Cohen Fights a $10 Million Tax Bill to Derail an IRS Plan

Steve Cohen is contesting an Internal Revenue Service campaign to compel hundreds of money managers — including his Point72 Asset Management — to pay self-employment taxes on a main source of earnings.

Point72 petitioned the US Tax Court on Aug. 11 to challenge a tax assessment on $344 million of earnings from 2015 and 2016. The asset manager allocates virtually all of its earnings and expenses to Point72 Capital Holdings, a limited partnership owned by Cohen, according to the petition.

The billionaire New York Mets owner would owe less than $10 million if the IRS prevails, according to people familiar ...