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10mo ago

Michael Saylor and MicroStrategy Settle D.C. Tax Fraud Case for $40 Million

Settlement marks the largest income tax recovery in Washington, D.C. history, resolving allegations of evading $25 million in taxes.

Overview

  • Michael Saylor and MicroStrategy deny wrongdoing but agree to a $40 million settlement, including interest and penalties.
  • The lawsuit claimed Saylor avoided paying income taxes by falsely claiming residency in Virginia and Florida from 2005 to 2020.
  • D.C. Attorney General Brian Schwalb emphasized that the settlement should deter others from attempting similar tax evasion schemes.
  • Saylor, a billionaire bitcoin investor, will pay the full settlement amount as part of his agreement with MicroStrategy.
  • The settlement includes a provision barring future actions against Saylor or MicroStrategy on this matter.