Connect with us

Hi, what are you looking for?

U.S. News

IRS sues over Silicon Valley Bank’s $1.4 billion tax debt

via The Wall Street Journal
This article was originally published at Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

The U.S. Internal Revenue Service has sued the Federal Deposit Insurance Corporation (FDIC) to determine the amount it must pay to cover a $1.45 billion tax debt owed by the failed Silicon Valley Bank.

The FDIC, acting as a receiver for the bank, has denied the entire tax claim, leading to a legal dispute.

SVB Financial, the bank’s former parent company, has sued the FDIC over the seizure of $1.93 billion in cash during the bank’s takeover.

This situation arose after Silicon Valley Bank’s collapse, which was one of the largest bank failures in U.S. history, impacting the regional banking industry and disrupting tech startups.

Most Popular:

Articles of Impeachment Passed In Historic Moment

Supreme Court Audio Gives Bad News To Democrats

You May Also Like