MicroStrategy and Michael Saylor will pay USD $40 million to resolve tax evasion charges – DiarioBitcoin
By Hannah Perez
The District of Columbia had sued Saylor and his company in 2022 for alleged income tax evasion.
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- Michael Saylor and his company reach a settlement for tax evasion in the US
- They agreed to pay USD $40 million to District of Columbia to resolve charges
- Saylor had been sued in that state in 2022, coinciding with his resignation as CEO
The technology company MicroStrategy and its founder Michael Saylor, known in the cryptocurrency industry for their extensive support of Bitcoinreached an agreement in the US for a tax fraud case.
Saylor and his company agreed to pay USD $40 million in a settlement with the District of Columbia to end a lawsuit that accused them of evading income tax, as reported this Monday in New York Times.
The District of Columbia had sued Saylor and his company in August 2022, as he recalls CoinDesk, alleging that the executive breached his fiscal responsibilities when he did not pay income taxes in the district for more than 10 years of his residence in that locality. He also said that MicroStrategy conspired to help him do it.
The attorney general’s office alleged that Saylor avoided paying more than $25 million in taxes to the district, saying he had claimed to live elsewhere, according to coverage.
In a statement from the attorney general’s office on Monday, officials said it was the largest recovery for income tax fraud in the districtaccording to the report.
“Florida remains my home today and I continue to question the allegation that I was once a resident of the District of Columbia“Saylor told the New York Times. “I have agreed to resolve this matter to avoid the continued burdens of litigation for my friends, family, and myself.“.
Saylor’s resignation from his position as CEO of MicroStrategy in 2022 it was related to that tax demand. Saylor, who founded the company in 1989, has remained CEO since then and continues to serve as chairman of the board of directors.
MicroStrategy It is the largest corporate whale in Bitcoinwith reserves amounting to over 210,000 bitcoins (BTC), currently worth more than USD $14.5 billion. In addition to its huge investment, the company has also recently started focusing on software development and Bitcoin.
Article by Hannah Estefanía Pérez / DailyBitcoin
Image created with an AI tool, under a free use license
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