The IRS Attacks FTX’s New Management over $24 billion Tax Debt
FTX finds $7B in assets after CEO exit; faces IRS over disputed $24B tax claim, seeking reasonable reduction in court today.
After SBF, the former CEO of the collapsed exchange FTX, left, the new executives found about $7 billion in assets. Half of these assets were in cryptocurrency
While the new FTX executives are mapping through the mismanaged funds to find more assets, tax officials are also investigating the company. They claimed that FTX was owing a whopping $44 billion in taxes, but this was later reduced to $24 billion with about $20 billion owed to partnership tax
FTX tried to deny these claims, they claimed that the amount was too high and unrealistic. But the IRS refused their tax filings and the court rejected the exchange’s effort to dismiss the claim.
FTX has chosen to stand its ground and has filed another document stating that the IRS should provide clear proof for these claims as they find the claims to be wrong and unfair.
FTX and the IRs are to meet in court today, December 12th. FTX stated that they are not looking to totally dismiss the claims but are requesting a more reasonable tax amount from the IRS. the current tax figure is way more higher than their actual income, they say.
