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.
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.
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...
significant tax liability to the IRS,” and that the agency’s claims raised novel legal questions. The settlement will become effective after it is approved by a bankruptcy judge and its...
Bankrupt crypto exchange FTX reached a tentative agreement with... Under the settlement, the IRS would agree to resolve its $24-billion claim, receiving $200 million in priority tax claim...
Abusive micro-captives have been a concern to the IRS for... The settlement requires substantial concession of the income tax benefits claimed by the taxpayer together with appropriate...
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
a tax debt relief or tax settlement service can be a lifesaver for those struggling to pay... Dealing with IRS tax debt can be a stressful experience, but understanding your options is the...
Bankrupt crypto exchange FTX has settled a dispute with the Internal Revenue Service (IRS) and will now pay a small fraction of the gargantuan tax claim the agency claimed it was owed....
Service (IRS) $885 million to settle a $24 billion tax claim... partners with Coinbase to distribute assets recovered from FTX FTX inches toward full bankruptcy payouts The IRS settlement...