“Our office is available 24 hours, 7 Days a week. Post Coronavirus, we mainly operate remotely and we are available in our office by appointment. We have several representatives available to take care of your needs however we understand the need to sometimes come into our place of business in order for you to meet with one of our Protection Specialists and discuss your concerns. We highly value the person to person relationship and are readily available to meet with you in person”.
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US Seeks More Than $1 Billion From Collapsed SVB for Taxes *Centurion Insurance AFS*

Feb 14, 2024 (0) comment , , , , , , ,


The US Internal Revenue Service is seeking to recover about $1.4 billion in taxes it claims are owed by Silicon Valley Bank, the regional lender that failed last year.

The federal tax agency claims the California-based lender owes both corporate income and employment taxes spanning a four-year period ending in 2023, according to a lawsuit filed Tuesday in Washington federal court. The complaint was brought against the Federal Deposit Insurance Corporation, which is the receiver of the collapsed bank.

The complaint comes on the heels of a similar one from New York City, which is trying to collect more than $2.1 million in back taxes it claims Silicon Valley Bank owes. The bank’s collapse almost a year ago represented the biggest US bank failure in more than a decade and marked the start to a crisis in the sector. In January, the parent company of SVB entered a deal with major creditors as the bankruptcy case moved toward a resolution.

The IRS noted in its court filing that the amount sought represents an estimate “because pending examinations of the tax returns were underway.” The agency determined that some of the employment taxes had been paid, according to the filing, which didn’t specify how much.

Copyright 2024 Bloomberg.


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