April

Billion

<p style="text-align: justify">The tax dispute between the US Internal Revenue Service (IRS) and the bankrupt cryptocurrency exchange FTX is ongoing. In their latest submission to the court, FTX’s lawyers demanded information on how the IRS calculated the unpaid tax debt, which was initially set at $44 billion but later revised to $24 billion.</p> 
<h2 style="text-align: justify" id="ftx-irs-dispute-continues">FTX – IRS Dispute Continues</h2> 
<p style="text-align: justify">In their latest submission to the Delaware bankruptcy court, FTX’s lawyers asked the IRS to prove its claim against FTX and explain how the alleged tax amount was calculated. This move is part of the months-long dispute between the IRS and FTX over how much the bankrupt cryptocurrency exchange and its affiliates owe the government in unpaid taxes.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-287683" src="https://coin-turk.com/wp-content/uploads/2023/12/Kripto-Para-Borsasi-FTX-IRS.jpeg" alt="" width="1280" height="721"></p> 
<p style="text-align: justify">Even though FTX claims it has no tax debt to the IRS, the tax authority has calculated a debt of $24 billion, which is more than triple the amount the cryptocurrency exchange currently has to compensate its creditors. The lawyers argue that FTX, during its short three-year lifespan, never distributed dividends or earnings and never earned anything close to the amounts that could support the IRS’s $24 billion tax claim. They claim FTX has lost significant amounts of <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">money</a>:</p> 
<blockquote> 
 <p>The only source of recovery for the IRS is to collect recoveries from the victims. The IRS’s reliance on its own processes only serves to delay distributions to those who have truly suffered, as there is no basis to make any tax claim against the debtors.</p> 
</blockquote> 
<h2 style="text-align: justify" id="from-44-billion-to-24-billion">From $44 Billion to $24 Billion</h2> 
<p style="text-align: justify">The IRS initially claimed that FTX’s tax debt was higher and initially calculated a debt of about $44 billion in April of this year. The IRS, which revised this amount to $43 billion in September, reduced this figure to $24 billion by November.</p> 
<p style="text-align: justify">The IRS states that the owed $24 billion relates to the income taxes, employment taxes, and penalties that FTX and its affiliates owe from 2018 to 2022. This is still not a final figure as the IRS audit continues. The bankrupt cryptocurrency exchange labeled this claim as “ridiculous and baseless.” According to court documents, both FTX and accounting firm EY responded to more than 2,300 information requests from the IRS and provided almost all the documents requested by the IRS, except those to be provided by January 15, 2024. The IRS argues that its estimates have a presumption of accuracy, and the burden of proving otherwise lies with FTX.</p> 
<p style="text-align: justify">In its filing yesterday, FTX insisted that a program it proposes to prevent indefinite delays in distributions to victims should be approved. The next hearing of the FTX bankruptcy case will be held on December 13.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/tax-dispute-between-ftx-and-irs-continues-over-unpaid-billions/" data-wpel-link="internal">https://en.coin-turk.com/tax-dispute-between-ftx-and-irs-continues-over-unpaid-billions/</a>

Tax Dispute Between FTX and IRS Continues Over Unpaid Billions

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