According to Bloomberg, bankrupt exchange FTX has reached a settlement with the US Internal Revenue Service (IRS) regarding its $24 billion tax issue. As previously reported by Zombit, the IRS claimed that FTX and its affiliates owed approximately $24 billion in taxes from 2018 to 2022, based on their estimate. This dispute has caused the restructuring plan to be stalled, as tax collection takes priority over ordinary claims, and therefore, the restructuring plan cannot proceed until the tax issue is resolved.
Under the latest settlement agreement, the IRS will receive a priority claim of $200 million, which will be paid within 60 days after the company’s proposed restructuring plan takes effect. Additionally, there will be a secondary claim of $685 million, which will be paid after customers and other creditors have been reimbursed, and there are remaining funds available.
In the documents submitted on Monday, FTX stated that
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