Washington DC, Monday, February 19, 2024 – The US Internal Revenue Service (IRS) filed a lawsuit on February 13, 2024, against the Federal Deposit Insurance Corporation (FDIC) seeking to recover an estimated $1.45 billion in unpaid taxes owed by the failed Silicon Valley Bank (SVB). 1
The dispute centers on the FDIC’s disallowance of the IRS’s claim, prompting the lawsuit in federal court in Washington D.C.
According to the complaint, the IRS initially estimated the tax debt to cover unpaid corporate and employment taxes accrued between 2020 and 2023.
However, they are still reviewing SVB’s tax returns and acknowledge that some of the claimed employment taxes may have already been paid.
Nevertheless, the agency maintains that a significant portion of the debt remains outstanding.
The FDIC, acting as the receiver for SVB, argues that the IRS claim is invalid and refuses to recognize the tax debt.
This disagreement has stalled resolution, leading the IRS to pursue legal action to enforce its claim.
Both parties await a court decision to determine the validity and amount of taxes owed.
SVB Financial, the former parent company of SVB, has filed a lawsuit against the FDIC for seizing $1.93 billion in cash during the bank’s takeover.
- Silicon Valley: https://www.reuters.com/legal/irs-sues-fdic-over-silicon-valley-banks-14-billion-tax-debt-2024-02-13/[↩]
