United

Coin

<ul class="news-points"> 
 <li>FTX is contesting a substantial $24 billion tax bill imposed by the Internal Revenue Service’s (IRS) tax authorities.</li> 
 <li>The proposed tax amount lacks substantiation and is not readily determinable, according to FTX.</li> 
 <li>IRS’s proposed tax bill would significantly impede the chances of creditors obtaining any meaningful recovery.</li> 
</ul> 
The Internal Revenue Service (IRS) in the United States has put forth a tax bill of $24 billion against the bankrupt <a href="https://coinedition.com/tag/ftx-news/">cryptocurrency exchange, FTX</a>. FTX, in response, has <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MjYwNzI3Ng==&amp;id2=-1" target="_blank" rel="nofollow">contested the proposed</a> amount, arguing that it is “enormous” and lacks substantiation. The exchange claims that the IRS’s assertions lack merit and a valid basis. 
FTX, currently undergoing bankruptcy proceedings, contends that the proposed tax bill would significantly hinder the chances of most creditors, who are victims of fraud, of any meaningful recovery. 
The proposed tax bill “would effectively prevent most of FTX’s creditors—themselves victims of fraud—from obtaining any meaningful recovery. It just makes no sense that a company that lost many billions of dollars would have a substantial tax liability, much less one for $24 billion,” FTX said in the court f…
The post <a href="https://coinedition.com/ftx-clashes-with-us-tax-authorities-over-enormous-24b-tax-demand/">FTX Clashes with US Tax Authorities Over ‘Enormous’ $24B Tax Demand</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

FTX Clashes with US Tax Authorities Over ‘Enormous’ $24B Tax Demand

Coin Edition

Other articles published on Dec 12, 2023

Bitcoin Falling to $40,000 May Not Be a Bad Thing: Expert Opinion!

XRP Price Prediction as XRP Eyes Fresh Rise from $0.600 Support – A New Rally Ahead?

India to evaluate Country-Specific risks for Crypto regulations

Immutable (IMX) Price is up 14% and Regains $2 Mark; What Next?

Shiba Inu News: Shibarium Hits Another Major Milestone

Bull Run: Why These 5 Small-Cap Tokens Rallied 3000%

Join our free newsletter for daily crypto updates!