The US Inside Income Service is in search of to get better about $1.4 billion in taxes it claims are owed by Silicon Valley Financial institution, the regional lender that failed final yr.

The federal tax company claims the California-based lender owes each company revenue and employment taxes spanning a four-year interval ending in 2023, in line with a lawsuit filed Tuesday in Washington federal courtroom. The criticism was introduced towards the Federal Deposit Insurance coverage Company, which is the receiver of the collapsed financial institution.

The criticism comes on the heels of an identical one from New York Metropolis, which is making an attempt to gather greater than $2.1 million in again taxes it claims Silicon Valley Financial institution owes. The financial institution’s collapse nearly a yr in the past represented the most important US financial institution failure in additional than a decade and marked the begin to a disaster within the sector. In January, the mother or father firm of SVB entered a cope with main collectors because the chapter case moved towards a decision.

The IRS famous in its courtroom submitting that the quantity sought represents an estimate “as a result of pending examinations of the tax returns had been underway.” The company decided that a number of the employment taxes had been paid, in line with the submitting, which didn’t specify how a lot.

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