Response to IRS Notice : 0427515155

FOR IMMEDIATE RELEASE

King-George Management Holding Corp.

King-George Management Addresses IRS Notice Regarding Form 2553 Submission

Leesburg, FL – November 29th, 2024 

King-George Management Holding Corp. [King-George Management] , previously BitJet Corp., is issuing this press release to inform the public about a recent notice received from the Internal Revenue Service [IRS] regarding the inability to process King-George Management's 2023 1120-S Tax Form.

On November 12th, 2024, King-George Management received Notice 0427515155, informing King-George Management of receipt of a previously submitted 1120-S Tax Form, but the inability to process the form due to not accepting a previously submitted Form 2553, Election by a Small Business Corporation. 

After the Board of Directors had approved the conversion of BitJet Corp., a Daytona Beach non-profit, into King-George Management on October 10th, 2023, a Form 2553 was completed for King-George Management on the same date, as well as shares being issued to establish the new Board of Directors, as well as a majority owner. On October 16th, 2023, the completed Form 2553 was faxed to the Department of Treasury, Internal Revenue Service in Ogden UT, as the designated IRS Center regarding entities with principle business, office, or agency in the state of Florida. 

With swift response, King-George Management has responded to the IRS notice, in accordance with outlined policies in the notice, and refuted the claims made with proper evidence outlining the information above. The Chief Executive Officer of King-George Management, Steven C. George, has personally completed the return notice and has stated:

"I am displeased by this series of events by the IRS. We are a Small Business and do not have the massive amounts of power to respond to notices under such short notice, and to prepare for any following counter-actions to our rebuttal. We are in the process of preparing for the end of the Tax Year, including all of our subsidiaries, and I was genuinely surprised that I now needed to prove, again, that we are a Small Business. On the eve of Small Business Saturday, the trust we now have lost against our shareholders is immeasurable. I am grateful that we have a dedicated accounting partner to return faith back to our shareholders that any counter-action against us by the IRS, like losing our Small Business status, can at least be handled through a strong support system. The cost associated with amending our shareholders return, our own, and pivoting to a new corporate strategy would cost us greatly, but is a challenge that I will handle if the time comes."

King-George Management would like to emphasize that all items affecting the business of the company is completed promptly. Failure to complete such items as alleged does not reflect the company's values, and it is committed to addressing the situation with utmost diligence. King-George Management has a long-standing reputation for maintaining strong relations with previous donors, under BitJet Corp., and current shareholders. The company remains dedicated to advancing the King-George mission and ensuring the satisfaction of its customers and stakeholders.

King-George Management will continue to keep the public informed as the investigation progresses and will take necessary steps to rectify any identified issues. The company appreciates the support of its customers, partners, and the community during this challenging time.

For further information or media inquiries, please contact:

Steven George

Chief Executive Officer

StevenGeorge@kgmhc.com