The IRS is pursuing $44 billion in taxes linked to FTX, Alameda Research, and their subsidiaries. The taxes are being filed under administrative priority, giving them precedence over the claims of the creditors. A circulating tax invoice linked to Alameda Research reveals that the IRS is asserting priority over the FTX bankruptcy creditors. The IRS is pursuing tax claims amounting to $44 billion from the defunct exchange.
The classification categorizes the claims as having administrative priority, signifying that the IRS‘ claims are given priority over the money owed to FTX’s creditors. Nevertheless, the unresolved dispute over the creditors’ claims is still determining the precise implications of this situation. For instance, Nick van Eck, a partner at General Catalyst, is curious about the approach used to determine the amounts and the process for acquiring the funds.
IRS filed 45 claims against FTX and its subsidiaries
On April 27 and 28, the IRS filed 45 claims against FTX and its subsidiaries. These filings indicate that Alameda Research owes $20.4 billion in unpaid partnership taxes and federal payroll taxes. The IRS has not disclosed any additional information regarding this matter. A spokesperson for the agency noted that “federal law prohibits the IRS from confirming or denying any communication related to any taxpayer case.”
Several significant events have unfolded in the FTX saga. Notably, Sam Bankman-Fried’s legal team requested that the judge dismiss the criminal charges, contending that it should be treated as a civil matter. Moreover, Bankman-Fried’s lawyers have accused Sullivan & Cromwell, FTX’s legal representatives, of acting as prosecutors in the case.
In addition, Deputy Assistant Secretary Sandra Lee of the Financial Stability Oversight Council (FSOC) commented that had the recommendations of a report been followed, the collapse of FTX could have been avoided.
Controversy is brewing in other aspects of the FTX case, particularly involving basketball icon and commentator Shaquille O’Neal, who is accused of evading a legal complaint against him. O’Neal had promoted FTX last year, but his legal team alleges that two servers threw the papers in front of his car, resulting in insufficient service.
Several other celebrities and prominent figures were also implicated in the FTX case through endorsements and promotions, including Tom Brady, Steph Curry, Larry David, and Naomi Osaka.