Morgan Stanley Gave Some Wealth-Management Clients Wrong Tax Info -- Update
February 27 2017 - 7:08PM
Dow Jones News
By Liz Hoffman
Morgan Stanley said it had given a "significant number" of
wealth-management clients incorrect information that caused some to
underpay and others to overpay their taxes.
In its annual regulatory filing Monday, the firm said it is in
"advanced discussions" with the Internal Revenue Service to resolve
the issues at no cost to affected clients. It said it had set aside
$70 million to cover the costs, which include paying any taxes owed
to the IRS by clients who underpaid, as well as reimbursing clients
who overpaid.
"We are committed to making this right for our clients with
minimal inconvenience to them," a spokesman said in a
statement.
Write to Liz Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
February 27, 2017 18:53 ET (23:53 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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