US Business Intelligence Company Accused of Helping Co-Founder Evade Income Tax Payment

03/04/2023 01:29 • Daily Digest • 93 views

It is reported that the High Court of the District of Columbia rejected a civil lawsuit against MicroStrategy, a US business intelligence company, which accused the company of helping its co-founder Michael Saylor to evade income tax payment. According to a recent document, Saylor and MicroStrategy filed a motion to dismiss the appeal in October, and the court ruled in support of the request on February 28. It is reported that this case is the first case under the False Declaration Act just revised by DC, which requires the payment of up to US $25 million of income tax owed and three times of the undisclosed amount of damages, civil penalties and other remedies.

The court dismissed the charge of tax fraud against MicroStrategy

Interpretation of the news:

MicroStrategy has recently won a civil lawsuit filed against the company, accusing it of aiding its co-founder Michael Saylor in evading his income tax payment. The lawsuit was filed in the High Court of the District of Columbia and was the first case under the revised False Declaration Act that requires the payment of up to US $25 million of income tax owed and three times of the undisclosed amount of damages, civil penalties, and other remedies.

According to reports, Saylor and MicroStrategy filed a motion to dismiss the appeal in October, and the court ruled in favor of the request on February 28. This ruling implies that the court found no substantial evidence to support the accusations against MicroStrategy.

The False Declaration Act was recently amended, and this case was the first to be litigated under the revised act. The act seeks to clamp down on tax evasion and requires the payment of income tax owed along with penalties, damages, and other punitive measures.

It is interesting to note that the ruling of the court only relates to the current case filed against MicroStrategy and Saylor. However, it could have far-reaching implications for the broader corporate world. The ruling could set a precedent for other cases that might want to rely on the False Declaration Act to seek redress.

In conclusion, the court’s decision to reject the civil lawsuit against MicroStrategy is a significant win for the company, and it puts to rest any doubts of the company’s integrity. The False Declaration Act provides a robust framework for combating tax evasion, and the ruling could set a precedent for other cases under the same act.

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US Business Intelligence Company Accused of Helping Co-Founder Evade Income Tax Payment

The court dismissed the charge of tax fraud against MicroStrategy

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