Taxes
Jim Simons, RenTech Insiders to Pay Billions in Back Taxes
- Renaissance agrees to resolve IRS dispute over fund profits
- Senate investigators had pegged unpaid taxes at $6.8 billion
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Jim Simons, one of the world’s most successful investors, has just been handed a rare defeat.
The founder of quantitative hedge-fund manager Renaissance Technologies and his colleagues will pay billions of dollars in back taxes, interest and penalties to resolve one of the biggest tax disputes in U.S. history, under the terms of a deal reached by the firm and the Internal Revenue Service.