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The billionaire Bitcoin advocate Michael Saylor has reportedly agreed to pay $40 million to settle an income tax evasion dispute with the District of Columbia Attorney General. The settlement ended the Attorney General’s lawsuit, in which it accused Saylor of falsely claiming to be a resident of Virginia or Florida to underpay taxes. D.C. Nets […]

D.C. Nets Record $40 Million in Tax Fraud Settlement

Billionaire and bitcoin advocate Michael Saylor has reportedly agreed to pay $40 million to settle a tax fraud dispute with the Attorney General of the District of Columbia. This settlement represents the district’s largest-ever recovery related to income tax fraud. According to a New York Times report, the settlement brings an end to the Attorney General’s lawsuit, which accused Saylor of underpaying taxes.

The lawsuit also implicated Saylor’s company, Microstrategy, alleging that it assisted him in evading taxes by submitting fraudulent tax forms between 2005 and 2020. The report indicates that Saylor evaded over $25 million in income taxes by falsely claiming residency in either Virginia or Florida, where income tax rates are lower.

Despite agreeing to the settlement, Saylor maintains his innocence, asserting that Florida remains his primary residence.

“Florida remains my home today, and I continue to dispute the allegation that I was ever a resident of the District of Columbia. I have agreed to settle this matter to avoid the continued burdens of the litigation on friends, family, and myself,” Saylor reportedly said.

Still, despite Saylor’s denial, the District of Columbia Attorney General’s lawsuit asserts that MicroStrategy’s founder resided in Washington during the period in question. Furthermore, the details referenced in the lawsuit suggest that Saylor at one point lived in Georgetown, a neighborhood in Washington.

According to the report, the lawsuit, which was filed under the False Claims Act, encourages residents to file tax evasion charges against individuals who conceal their true place of residence. Whistleblowers are entitled to a quarter of the amount recovered by the government.

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