FTX settles $24 billion tax claim with IRS

FTX has reached a settlement agreement with the US Internal Revenue Service regarding a $24 billion tax claim. The settlement amount is only a small portion of what the IRS claimed was owed, and it will help FTX pay a large amount of customer compensation. The IRS will receive a priority claim of $200 million in the FTX bankruptcy case and will pay within 60 days after the company's proposed restructuring plan takes effect. The agency will also receive a lower priority claim of $685 million, which will be used to pay customers and other creditors 'on a subordinated basis' and 'when funds are available'.