Tax
Nov. 4, 2020
Goldman Sachs pay clawbacks raise some thorny tax issues
The latest instance involves Goldman Sachs, which is paying about $2.9 billion to settle its role in the 1MDB scandal.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
If you receive a bonus and have to return it, how are taxes handled? Do you just return your net take home pay, or do you have to get money back from the IRS and the California Franchise Tax Board too? After all, when taxes are withheld from your paycheck, they are credited to your Social Security number with the IRS and FTB. These and other tough questions come up when a company requires a refund.
The latest instance involves Goldm...
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