MicroStrategy is a whale that has one of the largest bitcoin balances among publicly traded companies. Its founder and former CEO, Michael Saylor, a bitcoin (BTC) expert, and the company allegedly committed tax evasion. Find out how much tax they managed to evade.
Millions of dollars in unpaid taxes
MicroStrategy and its founder Michael Saylor are subject to legal action. Indeed, on August 31, Attorney General Karl Racine made a statement on Twitter regarding the situation. He said the Federal Court is suing Saylor for evading over $25 million taxes in Washington. To avoid paying the royalties, Michael Saylor allegedly lied by claiming that he resided either in Florida or in Virginia, and not in Washington.
The states of Florida and Virginia happen to have low tax rates. The lawsuit filed against MicroStrategy and Saylor states:Defendant Saylor knowingly avoided paying income taxes he owed to the District by fraudulently claiming to be a resident of other low-tax jurisdictions while maintaining his home and place of residence in the District.»
This complaint filed on August 22 explains that the king of bitcoin lives in a very luxurious apartment on the Georgetown waterfront. Additionally, he has had several yachts on Washington’s Potomac waterfront since 2005. Incidentally, several social media posts from Saylor in Washington have been presented to prove the facts.
Michael Saylor, the staunch bitcoin advocate, is charged with tax evasion by the District of Columbia. However, the CEO of MicroStrategy does not consider himself guilty. He also said: “I respectfully disagree with the District of Columbia’s position, and look forward to a fair resolution in court.“. He claimed his primary residence has been in Florida for ten years, not Washington.
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