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FTX Reaches Bankruptcy Settlement With IRS On $24 Billion Claim

A proposed settlement would allow FTX, formerly one of the largest crypto trading exchanges in the world, to whittle down its tax claim with the IRS to just $885 million.

How IRS Taxes Legal Settlements And Legal Fees Surprises Plaintiffs

The tax treatment of litigation damages is varied and complex. Even worse, in some cases, legal fees can't be deducted. That can mean paying tax on 100%, even if 40% off the top goes to your lawyer, unless you qualify for one of the ways to deduct legal fees under new tax law. The rule for compensatory damages for personal physical injuries, like a serious auto accident, is supposed to be easy. There, the compensatory damages should be tax free under Section 104 of the tax code. In employment ca...

IRS offers settlement for micro-captive insurance schemes; letters being mailed

Tax Court cases, the IRS has decided to offer settlements to taxpayers currently under exam. In recent days, the IRS started sending notices to up to 200 taxpayers. Tax law generally allows...

The Truth About IRS Tax Settlement Firms

Tax settlement firms claim they can reduce or even eliminate the amount you owe to the IRS. Find out the facts behind this alluring fiction.

FTX reaches $200M settlement with IRS on tax bill

According to a June 3 filing, the exchange and the IRS agreed to settle a $24-billion tax dispute. The IRS initially claimed FTX owed more than $44 billion in taxes, but the amount was...

Tax implications of settlements and judgments

IRC Section 104 provides an exclusion from taxable income with respect to lawsuits, settlements and awards. However, the facts and circumstances surrounding each settlement payment must be considered.

FTX Reaches Settlement with IRS Over $24 Billion Tax Claim - Blockonomi

FTX has reached a tentative settlement with the IRS to resolve a $24 billion tax claim for a significantly lower amount, clearing a major hurdle in its bankruptcy proceedings

How to settle your IRS tax debt

Not sure how to cover your tax debt to the IRS? Consider these options.

IRS Conservation Easement Settlement Offer - Sweet Deal ?

The IRS will calculate tax due at the partnership level at a rate of 21% with a 5% penalty added on. In TEFRA partnerships all partners must participate.

In Kobe Bryant Crash Settlement, IRS Taxes And Fees Could Take 90%

How taxes play out may sound crazy. About 40% might go to her lawyers, but the IRS says the whole amount is taxable, even the amount paid directly to her lawyer. She can argue that her civil rights...

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