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FTX Charged With Over $40 Billion Worth of Tax Claims

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Currently, U.S. Internal Revenue Service (IRS) charges the FTX Group for unpaid taxes.

The IRS claims that FTX Group owes over $40 billion in tax.

After the drawn-out bankruptcy case of the FTX Group, it is astonishing that the U.S. Internal Revenue Service (IRS) has filed tax claims against them.

The cases against the default entity were against the crypto exchange FTX and its subsidiaries.

This problem has cast doubts on its anticipated re-opening for business.

READ ALSO: Vernom And Kenyan Government Launches A Blockchain Hub

More Than $40B in unpaid taxes

ftx

Source: forkast

Last January, the FTX only owed $3 billion cumulatively to their biggest creditors.

The company was trying to put its platform back into perspective.

Although the total amount the company owes to creditors reaches over $8 billion, the firm could have managed itself.

They could have utilized their portfolio to make investments.

However, with this latest attack from the IRS, with a filing of 45 claims against the FTX Group and its subsidiaries amounting to $44 billion cumulatively, the whole effort went down the drain.

Accumulated Employment Taxes

U.S. Internal Revenue Service (IRS) posted all the unpaid employment taxes claim accrued for the FTX Group on Kroll’s website (a restructuring firm).

According to the post, the maximum tax is $20.4 billion, followed by another claim tax of over $7 billion.

And also two other tax claims that are more than $2 million.

Although the precise breakdown for these claims isn’t available, a leaked document displayed the maximum taxes.

This figure has been spreading online, and it’s like the target is on the employer’s side for employment taxes.

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According to an investigation, the IRS categorized the personnel of FTX Group as employees instead of contractors, resulting in a massive tax bill.

Presently, the FTX group owes the United States government much more than the debt they owe businesses and daily investors.

According to the U.S government, FTX can clear other creditor’s tax after their settlement.

Meanwhile, the court hasn’t deliberated on these claims yet, at least not to the public’s knowledge.

Everyone is waiting to know how the IRS plans to go after these claims since the case has garnered public attention.

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