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IRS Sues FDIC Over Silicon Valley Bank Debts

By:
S.J. Steinhardt
Published Date:
Feb 15, 2024

The IRS has sued the Federal Deposit Insurance Corporation (FDIC), seeking to recover an estimated $1.45 billion tax debt owed by the failed Silicon Valley Bank, Reuters and other news organizations reported.

The IRS claims that the California-based lender owes both corporate income and employment taxes spanning a four-year period ending in 2023. The suit was filed against the FDIC because it is the receiver of the collapsed bank, having seized it and its assets in March 2023. The FDIC has denied the entire tax claim.

The IRS noted in its court filing that the amount sought represents an estimate “because pending examinations of the tax returns were underway,” Bloomberg News reported.

SVB Financial, Silicon Valley Banks's former parent company, has also sued the FDIC over its seizure of $1.93 billion in cash when it seized the bank. In January, New York City sued the agency, claiming that Silicon Valley Bank owes the city $2.1 million in back taxes, Bloomberg reported.

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