Crypto exchange FTX reaches proposed $885m settlement with IRS over tax liabilities
Crypto trading exchange FTX has agreed to a proposed settlement with the IRS to reduce its tax liabilities to $885 million, resolving disputes related to significant tax claims. The IRS had initially filed a tax claim against FTX for over $44 billion, which was later reduced to $24 billion. If approved, the settlement would enable FTX to pay back its debt and continue operating under Chapter 11 bankruptcy. The settlement involves the IRS accepting $885 million, with $200 million being a priority claim payable within 60 days and the remaining $685 million being a lower-priority claim payable to the extent of funds available.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Could the U.S. Election Be the Key to Bitcoin’s Next Big Surge?
Base is meeting builders around the world
Bitfarms, Riot settle dispute with board changes
Digital Asset, DTCC complete collateral tokenization pilot