The IRS Thinks Goldman Sachs Has Been Evading Taxes And It Wants Its Money Back

lloydblankfein confused tbi

The IRS has slapped a Goldman Sachs partnership that specialises in selling derivatives with $1.5 million tax lien, because the group owes $1.55 million in unpaid federal taxes dating from two years ago, Reuters report (via Dealbreaker).

The lien just means that the IRS has a right to keep possession of property belonging to Goldman until they repay their debts.

A Goldman spokesman said: “we have paid all the relevant taxes,” but they’re still cooperating with the IRS.

The partnership, called Goldman Sachs Mitsui, is a Delaware-based joint venture that writes derivatives contracts for U.S municipalities.

So it’s not even really the fact that Goldman may have to pony up $1.5 mill (they earned over $8 billion last year, so it’s not going to be a problem) but rather that the bank is already mired in controversy over its dealings with municipalities and state agencies.

From Reuters,

The Goldman partnership, meanwhile, is embroiled in antitrust litigation brought by various cities and towns across the U.S. The municipalities allege that numerous financial services firms, including Goldman Sachs Mitsui, conspired to fix prices and bids on a wide-range of derivatives products, including so-called interest rate swaps.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at