Floyd Mayweather Says He Can't Pay His Taxes Until After McGregor Fight
Source– “Floyd Mayweather says he can’t pay off his 2015 tax liability until after he gets some money from his Aug. 26 fight against Conor McGregor. The boxer filed a Tax Court petition on July 5 that asks the IRS to allow him a reprieve until the fight.
“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid,” the petition said, according to the legal website Law360. “The taxpayer has a significant liquidity event scheduled in about 60 days from which he intends to pay the balance of the 2015 tax liability due and outstanding.”
It is not known how much money Mayweather owes, but the IRS had previously argued that Mayweather had the resources to pay it immediately, even if it meant selling property or taking out a loan, Law360 reported.
Mayweather made about $220 million from his fight with Manny Pacquiao on May 2, 2015. Mayweather shared on social media a photo of a $100 million check — his guaranteed purse from the fight — which did not have taxes deducted from it. Sources confirmed at the time that the check was indeed genuine.
The petition also asks to reduce the penalty Mayweather received from not paying all of his taxes for the year. The failure-to-pay penalty is typically 0.5 percent of the owed taxes for each month, according to the IRS website. Mayweather’s 2015 taxes are currently 15 months past due, which would equal a 7.5 percent charge on top of what is owed.”
Very interesting stuff here. Color me shocked. With how much money Floyd makes, I’m sure the IRS is really bending him over backwards with how much he owes. Being a couple years late paying up, things could get pretty ugly if he doesn’t nut up soon. Asking for a reprieve is pretty ballsy too. I don’t know where the IRS got the impression that he is liquid enough to pay these taxes.
If he wants the IRS to get off his ass, I would suggest not Instagramming millions of dollars in cash weekly. That gives them the idea that he is, in fact, liquid enough to pay those taxes that have been sitting on his back burner for the last 2 years.
Some other food for thought: If you owe millions of dollars to the federal government, I would suggest paying that off before you take a lot of that cash and open a strip club instead, but what do I know. I’m sure he’s gonna get that reprieve anyway.
Written by @TSchmit23