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Skip to main content CONTINUE TO SITE ➞ DON’T MISS TOMORROW’S BANKING INDUSTRY NEWS Let Banking Dive’s free newsletter keep you informed, straight from your inbox. * Daily Dive M-F Topics include: Commercial banking, payments, credit unions, technology, risk, regulations, policy * Fintech Weekly Every Wednesday Topics covered: Bank/fintech relationship, banks buying fintechs, regulations, rise of neobanks By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. * Deep Dive * Opinion * Library * Events * Press Releases * Topics Sign up * Search * Sign up Search * Commercial * Retail * Credit Unions * Payments * Regulations & Policy * Technology * Risk * Fintech An article from IRS SUES FDIC TO GET $1.45B IN SVB BACK TAXES The amount covers corporate income and employment taxes from 2020 to 2023, but is an estimate because a review of the tax returns is ongoing, the IRS said. The FDIC has denied SVB’s entire tax claim. Published Feb. 14, 2024 Dan Ennis Senior Editor * * * * * An employee gets into his car after arriving to work to a shuttered Silicon Valley Bank headquarters in Santa Clara, California. Justin Sullivan via Getty Images The Internal Revenue Service sued the Federal Deposit Insurance Corp. in federal court Tuesday to recover roughly $1.45 billion it alleges Silicon Valley Bank owes in taxes. The amount covers corporate income and employment taxes due between 2020 and 2023, when the bank failed and the FDIC took over as receiver. The figure, though, is an estimate because it is still reviewing SVB’s tax returns, the IRS said in the complaint seen by Bloomberg and Reuters. Some of the employment taxes have been paid, the tax agency said, without specifying how much. The FDIC has denied SVB’s entire tax claim, according to the complaint. The IRS wants a judge to overrule the FDIC and determine the validity and amount of taxes owed. Access now➔ Trendline NAVIGATING THE COMPLIANCE LANDSCAPE IN BANKING Compliance is more than just individual orders and actions. Banking Dive explores some of the most-anticipated — and debated — upcoming rules with which banks may have to comply. Access now➔ Trendline NAVIGATING THE COMPLIANCE LANDSCAPE IN BANKING Compliance is more than just individual orders and actions. Banking Dive explores some of the most-anticipated — and debated — upcoming rules with which banks may have to comply. It’s hardly the first time the FDIC has been sued over its treatment of SVB’s assets — especially in relation to taxes. New York City sued the FDIC last month to collect more than $2.1 million in taxes it claims SVB owes. In the following weeks, the city sued the agency for back taxes from Signature and First Republic, two other banks the FDIC took over last year. The city claims those banks owe $44 million and $7 million, respectively. SVB’s former parent company, SVB Financial, has sued the FDIC, too, for over roughly $1.9 billion in cash the agency seized in its bank takeover. SVB Financial argued the FDIC should repay the cash because the company pledged to fully backstop “all deposits” at the bank, including those over the $250,000 threshold the FDIC guarantees. The FDIC, however, argued the seized cash covers the cost of bailing out the failed bank. While that legal battle continues, SVB Financial last month reached a deal that, pending court approval, would transfer its remaining venture capital operations to a new entity backed by key creditors, according to documents filed at a U.S. bankruptcy court in Manhattan. * post * share * tweet * print * email BANKING DIVE NEWS DELIVERED TO YOUR INBOX Get the free daily newsletter read by industry experts Email: * Select Newsletter: Daily Dive M-F * Select Newsletter: Fintech Weekly Every Wednesday * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. EDITORS’ PICKS * Tanaonte via Getty Images Column DIVE DEPOSITS: INSIDE THE ‘TAKEOVER ATTEMPT’ AT A LONG-STANDING BLACK BANK An investment fund has sought since August to take control of Carver Federal Savings Bank. The bank finally fought back using its aggressor’s favorite weapon. By Dan Ennis • Feb. 2, 2024 * Explore the Trendline➔ hynci via Getty Images Trendline COMPLIANCE IN BANKING Compliance is more than just individual orders and actions. Banking Dive explores some of the most-anticipated — and debated — upcoming rules with which banks may have to comply. By Banking Dive staff Access now➔ Trendline THE GROWING USE OF AI IN BANKING In the year since ChatGPT debuted, established banks and challengers have raced to harness the technology, and executive talk on AI has become decidedly more plentiful. GET THE FREE NEWSLETTER Subscribe to Banking Dive for top news, trends & analysis Email: * Select Newsletter: Daily Dive M-F * Select Newsletter: Fintech Weekly Every Wednesday * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. COMPANY ANNOUNCEMENTS * Newgen Software and Finastra Forge Strategic Partnership to Transform Lending Processes From Newgen Software * AnalyticsIQ and Claritas Expand Partnership to Boost Results for Financial Services Marketers … From AnalyticsIQ * Unemployment Tracker Renamed as HRlogics UCM, Joining Top Compliance Technologies in a Powerfu… From Unemployment Tracker View all | Post a press release EVENTS * 27 FEB Conference FinovateEurope London Presented by Informa Connect Access now➔ Trendline NAVIGATING THE COMPLIANCE LANDSCAPE IN BANKING Compliance is more than just individual orders and actions. Banking Dive explores some of the most-anticipated — and debated — upcoming rules with which banks may have to comply. BANKING DIVE NEWS DELIVERED TO YOUR INBOX Get the free daily newsletter read by industry experts Email: * Select Newsletter: Daily Dive M-F * Select Newsletter: Fintech Weekly Every Wednesday * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. COMPANY ANNOUNCEMENTS View all | Post a press release Newgen Software and Finastra Forge Strategic Partnership to Transform Lending Processes From Newgen Software January 26, 2024 AnalyticsIQ and Claritas Expand Partnership to Boost Results for Financial Services Marketers … From AnalyticsIQ February 06, 2024 Unemployment Tracker Renamed as HRlogics UCM, Joining Top Compliance Technologies in a Powerfu… From Unemployment Tracker February 01, 2024 Editors’ picks * Tanaonte via Getty Images Column DIVE DEPOSITS: INSIDE THE ‘TAKEOVER ATTEMPT’ AT A LONG-STANDING BLACK BANK An investment fund has sought since August to take control of Carver Federal Savings Bank. The bank finally fought back using its aggressor’s favorite weapon. By Dan Ennis • Feb. 2, 2024 * Explore the Trendline➔ hynci via Getty Images Trendline COMPLIANCE IN BANKING Compliance is more than just individual orders and actions. Banking Dive explores some of the most-anticipated — and debated — upcoming rules with which banks may have to comply. By Banking Dive staff Latest in Regulations & Policy * Santander says no breaches of US sanctions found in internal review: reports By Gabrielle Saulsbery * IRS sues FDIC to get $1.45B in SVB back taxes By Dan Ennis * Bank lobbyists ride a 15-year high By Dan Ennis * Citi faces rebukes, new orders from regulators: report By Rajashree Chakravarty -------------------------------------------------------------------------------- * * * * EXPLORE * About * Editorial Team * Contact Us * Newsletter * Article Reprints * Press Releases * What We’re Reading REACH OUR AUDIENCE * Advertising * Post a press release * Submit an opinion piece RELATED PUBLICATIONS * CFO Dive * Payments Dive -------------------------------------------------------------------------------- image/svg+xml Industry Dive is an Informa business © 2024 Industry Dive. 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