According to Bloomberg, FTX has reached a settlement with the IRS over $24 billion in tax claims, a fraction of what the IRS claims it owes. The IRS will receive $200 million in priority claims in the FTX bankruptcy case, which will be paid within 60 days of the company's proposed reorganization plan taking effect. The agency will also receive $685 million in lower-priority claims to be paid to customers and other creditors on a subordinated basis and as funds become available.