American businessman Mark Cuban took to X to update his followers on the outcome of an earlier decision to pay his tax.

KPMG Estimates Mark Cuban’s Tax

According to Cuban, he has wired a total of $275.9 million to the Internal Revenue Service (IRS) as payment for his 2023 remaining tax burden. This payment also includes for the first quarter of 2024. 

The billionaire admitted to initially miscalculating the tax he owed to the government. From the screenshot of a mail that he posted, it turned out that instead of the $288 million calculated earlier, his actual tax was $275.9 million, as calculated by top auditing firm KPMG.

The billionaire does not think that all of the money would be put to appropriate use but he seemed less disturbed about it. He was more concerned about fulfilling his civic duty to his country and being a patriotic citizen.

“I’m still proud to be able to give back to our country,” Cuban said “I’ve said it for years. After military service, paying your taxes is the most patriotic thing we can do.”

I was wrong with my number yesterday. Got the final number and the wire is complete. Wanted to be accurate.

Do I expect all of it to be used wisely. Of course not.

But I’m still proud to be able to give back to our country.

I’ve said it for years. After military… https://t.co/ruhyPnbBHr pic.twitter.com/IqWNf0nNrJ

— Mark Cuban (@mcuban) April 15, 2024

Mark Cuban publicly talked about the payment of his tax a few days ago after an X user called Ian Miller asked him if either he or his corporation pay more than the required tax as a way of offsetting his “fair share.” 

In response, the billionaire stated that he only pays the IRS what he owes. It was in this conversation that he estimated his tax to be $288 million, with a promise to wire it to the IRS the next day. 

IRS Implements Crypto Tax Reporting Rules

Markedly, Cuban is an ardent lover of cryptocurrencies with a significant percentage of his investments in Bitcoin (BTC) and Ethereum (ETH). 

While his tax appears to be on the high side, it is worth noting that his crypto tax may have been included, especially with the crypto tax reporting rule that was recently introduced by the IRS. 

At the beginning of 2024, the IRS introduced new regulations requiring detailed reporting of digital asset transactions exceeding $10,000. The document will include the sender’s name, address, and social security number within a 15-day window. The proposed rule met with some opposition from some entities who are bothered by its practicality.

The post Mark Cuban Wires $275M In Taxes, Sends Crucial Message To Community appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am