FTX Lawyers Push Back Against IRS’s Demand for Unpaid Taxes
Lawyers representing FTX are resisting the US Internal Revenue Service’s (IRS) attempt to claim billions of dollars in unpaid taxes from the bankrupt crypto exchange, according to a report by Bloomberg. The lawyers argue that the IRS’s demand for $24 billion in unpaid taxes would harm the victims of fraud at the bankrupt exchange. They claim that FTX recorded losses over its three-year lifespan and therefore owes no taxes to the IRS. This week, both parties will present their arguments in court to determine the legitimacy of the IRS’s claim. The US government has also stated that it will reclassify part of the $24 billion claim, potentially reducing the final amount.
Hot Take: FTX Lawyers Defend Victims’ Interests Against IRS’s Tax Demand
FTX’s legal team is fighting against the IRS’s demand for $24 billion in unpaid taxes, arguing that it would negatively impact victims of the bankrupt exchange. By asserting that FTX incurred losses and owes no taxes, the lawyers aim to protect those affected by fraud. The ongoing court battle will determine whether the IRS’s claim is valid. The US government’s decision to reclassify a portion of the claim indicates a potential reduction in the final amount. As this legal dispute unfolds, it remains crucial to prioritize the interests of those harmed by crypto exchange failures.
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