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.
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...
FTX disputed the $24 billion claim, but acknowledged that it “could have significant tax liability to the IRS,” and that the agency’s claims raised novel legal questions. The...
working with the IRS and tax professionals. Individuals and businesses with outstanding tax... Most companies that specialize in tax settlements claim to have a battery of tax experts who...
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of tax law raised by the IRS Claims.” The filing shows that FTX doesn’t deny owing taxes but disagrees with the amount and specific reasons for the tax liability. Specifically, the...
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
Dealing with IRS tax debt can be a stressful experience, but understanding your options is the first step toward financial recovery. But remember, no matter what option you choose...
Crypto exchange FTX has reached a settlement with the Internal Revenue Service (IRS)... tax authority will receive a $685 million lower priority claim, payable only if funds are available...
Attorney General Jeff Sessions announced settlements in two long-running cases against the IRS, saying, "There's no excuse" for the agency's treatment of the groups, which sought tax-exempt status.