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 <p class="is-style-lead">U.S. officials will seize money from victims of bankrupt crypto firm FTX Trading Ltd. unless a judge rejects the government’s demand for $24 billion in unpaid taxes.</p>
 <p>The Internal Revenue Service (IRS) must substantiate its <a rel="noopener noreferrer nofollow" title="claim" href="https://thebittimes.com/tag/claim.html">claim</a> against FTX and show how it assessed the taxes it owes, FTX lawyers said in a new filing. The move is the latest in a months-long dispute between the IRS and FTX’s <a rel="noopener noreferrer nofollow" title="bankrupt" href="https://thebittimes.com/tag/bankrupt.html">bankrupt</a>cy estate over how much the failed exchange and its affiliates owe the government in unpaid taxes.</p>
 <p>While FTX claims it owes nothing to the IRS, the agency wants as much as $24 billion, more than three times the amount the estate currently has, to try to repay creditors.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> FTX unveils revised reorganization plan, sets mid-December court submission
 </div>
 <blockquote class="wp-block-quote">
  <p>“This Alice in Wonderland argument has no support in the law.”</p> <cite>FTX filing</cite>
 </blockquote>
 <p>The IRS initially said FTX owed even more money, filing initial <a rel="noopener noreferrer nofollow" title="claim" href="https://thebittimes.com/tag/claim.html">claim</a>s in April for about $44 billion. In September, that amount was changed to $43 billion. In November, that figure dropped to $24 billion.</p>
 <p>The IRS claims the $24 billion in debt relates to income taxes, employment taxes, and penalties owed by FTX and its affiliates from 2018 to 2022. This is still not the final figure as the IRS continues to audit. FTX called the lawsuit “absurd and without merit.”</p>
 <p>FTX&nbsp;filed for <a rel="noopener noreferrer nofollow" title="bankrupt" href="https://thebittimes.com/tag/bankrupt.html">bankrupt</a>cy last November, while its former CEO Sam Bankman-Fried was convicted&nbsp;of defrauding FTX users and investors in November of this year. FTX’s next <a rel="noopener noreferrer nofollow" title="bankrupt" href="https://thebittimes.com/tag/bankrupt.html">bankrupt</a>cy hearing is scheduled for Wednesday, Dec. 13. Bankman-Fried will be sentenced on Mar. 28, 2024. In total, he <a rel="noopener noreferrer nofollow" title="faces" href="https://thebittimes.com/tag/faces.html">faces</a> up to 110 years in prison.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Sam Bankman-Fried swaps Bitcoin for mackerel in prison
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-faces-us-officials-tax-claims-prior-to-compensation-of-bankruptcy-victims-tbt73377.html">https://thebittimes.com/ftx-faces-us-officials-tax-claims-prior-to-compensation-of-bankruptcy-victims-tbt73377.html</a></p>

FTX faces US officials’ tax claims prior to compensation of bankruptcy victims

TheBitTimes

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