Morgan Stanley Gave Some of its Clients Wrong Tax Information
Morgan Stanley has said that it has given a significant number of its wealth management clients the wrong tax information. The has caused them to either underpay or overpay their taxes over the past five years.
“Morgan Stanley has said that it has given a significant number of its wealth management clients the wrong tax information.”
Morgan Stanley is now in discussions with IRS to resole any client tax underpayments. It will also notify any customers that may have overpaid taxes and reimburse them. It will set aside $70 million to cover the costs and errors which occured from 2011 to 2016.
About Morgan Stanley
Morgan Stanley formally opens its doors for business at 2 Wall Street, New York City, on September 16, 1935. In its first year, the firm handles $1.1 billion in public offerings and private placements—a 24 percent market share.
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