The US Supreme Court, the Superior Court of the District of Columbia, has filed an indictment against US business intelligence company MicroStrategy rejected. The indictment alleges that MicroStrategy assisted its former CEO and current chairman of the board, Michael Saylor, in evading income taxes. In August 2020, MicroStrategy became the first publicly traded company to invest millions of dollars in bitcoin (BTC).
Is Saylor guilty of tax evasion?
You may have noticed that Michael Saylor was charged with tax evasion in August 2022. Initially, it would concern an amount of $ 25 million in income tax, which can rise to as much as $ 100 million due to fines and other matters.
Those are amounts that are not easy to pay even for someone with Michael Saylor’s wallet. Saylor would have evaded the tax for a period of more than 10 years and MicroStrategy would assist him. In any case, that last part has now been rejected by the court.
Saylor would claim he lived in Florida, a state where you don’t have to pay income taxes, but actually live in Washington DC. That is of course not the intention, which is why he was wrongly listed as a resident of Florida.
Bitcoin millionaire has to go to court next week
Saylor himself will appear in court on March 10, because the other charges against him have certainly not been dropped. In that respect, the former CEO of MicroStrategy must fear major problems.
Saylor supposedly lived in Florida while secretly living in a giant penthouse in Washington DC. For that reason, he now has an even larger fine hanging over his head.
If Saylor is fined $100 million by the US IRS, it could lead to him having to sell his personal bitcoin stash.
Earlier, Michael Saylor shared that he personally owns more than 17,000 bitcoin. At current exchange rates, they represent a value of $380 million. The current chairman of MicroStrategy could therefore pay his fine with that.
Michael Saylor is still facing a lawsuit that claims he failed to pay DC income tax for decades. https://t.co/N8A2x84jyr
— Washington Business Journal (@WBJonline) March 3, 2023