The IRS and the USFIA Receivership have reached an agreement on tax claims held by the IRS.
This clears the door for USFIA victim distribution payments to be made, pending court approval.
The Receiver advises in a stipulation filed on June 1st that: “The United States, on behalf of the IRS, the SEC, and the Receiver, have met and conferred with regard to the Motion and resolved their issues by this stipulation, whereby the United States agrees that the claims of investors with allowed claims, as well as the administrative expenses of the Receiver and the receivership, shall take precedence over the IRS’s current and future claims.”
The receiver’s previously submitted distribution plan is now moot due to the settlement.
The receivership’s original goal was to set aside $15 million to settle future IRS claims.
That money is now available to be used in the distribution procedure.
The receivership will begin sending out approved distribution payments once the stipulation is accepted. There isn’t a set date for this.
The receiver’s submission has yet to be approved by the court at the time of publication.
I’ll keep an eye on the docket for any further developments.