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Bank of America Can't Reduce Interest Owed to the IRS from Merrill Lynch

 
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Bank of America can't reduce interest owed to the IRS by using Merrill Lynch's overpayments. Merrill Lynch has promoted two insiders and rolled out a new video application for advisors.

Description: A picture of the Bank of America headquarters in Charlotte, North Carolina.

Merrill Lynch Wealth Management has long been one of the most respected names in the wealth management world. Its high-profile status has only been solidified with the recent promotions of two insiders and the roll-out of a new video application for its financial advisors. This comes after a highly publicized scandal involving one of its money managers and emails falsely claiming he hired hookers.

Bank of America Corp. recently acquired Merrill Lynch and is now facing a legal challenge from the IRS. The IRS claims that Bank of America cannot reduce the interest owed by offsetting its tax underpayments with overpayments made by Merrill Lynch. This is due to the fact that the two entities were separate taxpayers before the merger, making Bank of America ineligible to make such an arrangement.

This case is currently under review in the U.S. tax Court and a decision is expected shortly. If the court finds in favor of the IRS, Bank of America could be on the hook for millions in interest payments. However, the company has argued that the merger should be taken into account and that Bank of America should be allowed to make use of Merrill Lynch’s overpayments.

David Rosenberg, former economist at Merrill Lynch, is one of the many watching this case closely. He recently commented on the situation, saying that it will have a major impact on the financial world. He believes that the outcome could set an important precedent for other mergers and acquisitions, and that it could also shape the way banks and other financial institutions approach such deals in the future.

Meanwhile, Merrill Lynch continues to focus on its core business of wealth management. In North Bethesda, Maryland, Stacee Crittenden of Merrill Lynch Wealth Management currently manages $388 million in assets. She is just one example of the firm’s talented and experienced financial advisors.

Merrill Lynch has also recently rolled out a new application that allows its advisors to create videos from their offices to help them better connect with clients and prospects. This technology will enable advisors to create videos in a fraction of the time it used to take, making it easier than ever to reach out to potential clients and build relationships.

The current legal battle between Bank of America and the IRS is sure to be an interesting one to watch. It could have far-reaching implications for the financial world, and its outcome could affect the way mergers and acquisitions are handled in the future. In the meantime, Merrill Lynch will continue to focus on its core business of wealth management and provide its clients with the best possible service.

Labels:
bank of americamerrill lynchirstax courtdavid rosenbergstacee crittendenwealth managementmergers and acquisitions

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