Goldman Sachs Partnership Was Unaware It Had To Pay Taxes

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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]

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