FTX Group affected with tax claims worth over $ 40 billion

FTX Group affected with tax claims worth over $ 40 billion
An astonishing development in the lengthy insolvency proceedings of the FTX Group is that the IRS recently submitted claims against the defaulting company that put all the previous ones in the shade and doubt his earlier idea of resuming business operations.
over $ 40 billion in unpaid taxes
To put this development in the right light: In January it was still assumed that the 50 largest creditors in FTX were entitled to a total of around $ 3 billion. Although the total debt against the creditors amounted to over $ 8 billion, this could have been manageable for a company that still had some good investments in its portfolio.
However, all of this only failed when the IRS 45 complaint against FTX Group's company with a total value of around $ 44 billion.
unpaid wage taxes
The full list of claims was uploaded to the website of the restructuring company Kroll. The largest claim has a value of shocking $ 20.4 billion, followed by a further value of more than $ 7 billion and two $ 2 billion each. The remaining 41 damage cases complete the total of $ 13 billion.
Although the exact breakdown of the tax returns is not available for most of these claims, a leakage document is circulating on the Internet that shows the greatest claim and apparently aims for unpaid employer taxes.
The crazy control bill of Alameda Research LLC, which is in circulation, is real. The most important balance sheets do not contain any details, but in some cases it seems as if the IRS has declined and all employees have agreed from contractors to workers and accused them of unpaid employer wage taxes. pic.twitter.com/guy6czcgmn
- meat (🥩, 🥩) (@mattc_) 10. May 2023
It seems that after an examination, the IRS has classified the staff of the FTX Group as an employee and not as a contractor, which led to an enormous tax burden.
The sheer amount that the US government's FTX Group now owes is by far the amount that companies and everyday investors owe. The problem here is that claims of unsecured creditors are only permitted after the US legal legislative case compensates after the US government was paid out.
"The problem with this annoying tax bill is not just the fact that there is now another great creditor of Alameda (which would reduce the proportionate part of FTX in the estate of Alameda).
The problem is that this tax claim had priority before FTX's claim. According to the US insolvency law, Uncle Sam has priority to unsecured creditors, which means that this huge tax liability of 20 billion must be paid before even money can flow from Alameda to FTX Intl. ”
At the moment, these claims have not been discussed in court, at least not public. It remains to be seen how the IRS lawyers will pursue these claims in view of the great publicity of the legal proceedings.
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