{"id":31906,"date":"2024-06-05T05:50:57","date_gmt":"2024-06-05T05:50:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftx-settles-24-billion-irs-tax-claim-with-885-million-payment\/"},"modified":"2024-06-05T05:50:57","modified_gmt":"2024-06-05T05:50:57","slug":"ftx-settles-24-billion-irs-tax-claim-with-885-million-payment","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftx-settles-24-billion-irs-tax-claim-with-885-million-payment\/","title":{"rendered":"FTX Settles $24 Billion IRS Tax Claim with $885 Million Payment"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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By paying $885 million, FTX has reached a substantial settlement with the Internal Revenue Service (IRS) on a $24 billion tax claim. During FTX\u2019s continuing bankruptcy procedures, this deal came to light.<\/p>\n

The intention to pay $200 million in priority claims to the IRS was disclosed by FTX in a recent file with the Bankruptcy Court for the District of Delaware. This sum is owed 60 days after a creditor reorganization plan<\/a> that has been approved by the court. The possibility for significant tax obligations was acknowledged by FTX\u2019s lawyers, but they refuted the IRS\u2019s $24 billion assertion. They contended that the repayment of individual creditors may be significantly impacted by such a large tax payment.<\/p>\n

Beyond the $200 million priority payment, the IRS is also owed $685 million, categorized as \u201clower priority.\u201d This amount will be paid when the estate has sufficient funds available after satisfying customer payments.<\/p>\n

Steps Toward Creditor Payments<\/h2>\n

This IRS settlement is a critical milestone in FTX\u2019s journey toward full creditor payments. The firm filed for Chapter 11 bankruptcy protection in 2022 after collapsing under the leadership of its founder, Sam Bankman-Fried. Nearly two years later, FTX has managed to accumulate almost $16 billion for distribution to its debtors. This has been achieved through various measures, including liquidating Anthropic shares, holding discounted Solana (SOL) auctions, and executing multiple crypto recovery missions.<\/p>\n

FTX is on track to return most clients up to 118% of their holdings, which is an extraordinary result for a bankruptcy case, despite owing creditors almost $12 billion. This possible complete payback represents the significant efforts made by the current management of the company and is an uncommon event.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) By paying $885 million, FTX has reached a substantial settlement with the Internal Revenue Service (IRS) on a $24 billion tax claim. During FTX\u2019s continuing bankruptcy procedures, this deal came to light. The intention to pay $200 million in priority claims to the IRS was disclosed […]<\/p>\n","protected":false},"author":34,"featured_media":31907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31906"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=31906"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31906\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/31907"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=31906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=31906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=31906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}