FTX: Plans to pay more than $200 million in taxes to the IRS, not $24 billion

According to a June 3 legal filing, FTX plans to pay the IRS $200 million in priority taxes and $685 million in subordinate tax claims. Priority tax claims, such as taxes, are payments that must be paid before other debts, while subordinate claims are paid only after priority obligations are satisfied. FTX argued in bankruptcy court that the amount it owes is much less than the $24 billion the IRS claims. Previously, the IRS claimed that FTX owed $44 billion in taxes, but later lowered the amount to $24 billion. The FTX debtors, who are responsible for managing the company during its bankruptcy, believe that the IRS mistakenly included funds misappropriated by Sam Bankman-Fried and other tax liabilities in its calculations. The IRS disagrees with the debtors' arguments and plans to seek huge tax liabilities if a settlement cannot be reached. The objection deadline for the case is June 17, and the hearing date is June 25, 2024.