I never said he was broke, but unlike you I don't think he's trying to cheat the system, I think someone he's mismanaging or stealing his money...
Mayweather Owes Taxes, Asks IRS to Wait For McGregor Fight
- Thread starter Nzinga
- Start date
I never said he was broke, but unlike you I don't think he's trying to cheat the system, I think someone he's mismanaging or stealing his money...
The tax debt is from 2015. How can he write something off that happened in 2017 for 2015?
I had tax issues a few years ago. Although what I owed was lowered I still didnt save money because of what I owed my accountant. I would imagine Floyd isnt saving that much because he's paying lawyers and accountants to rectify the situation. In the end it would be better to just pay your taxes and be done with it.
world of difference between the how the IRS deals with taxes for corpsI don't totally disagree with your logic but Is it really worth it when the IRS adds interest to the money you owe... It's not the first time this happen, I just feel something is not right in Mayweather's finances!!!
its complicated...
nah - you can't imagine....
I doubt you are routing millions in revenue (cash and capital gains) and carrying debts through multiple LLCs and corps
another thing: there is a world of difference between taxed on income vs taxed on profits
I don't totally disagree with your logic but Is it really worth it when the IRS adds interest to the money you owe... It's not the first time this happen, I just feel something is not right in Mayweather's finances!!!
I can't say for certain, but I'm going to go out on a limb and guess that whatever interest and penalties the IRS would charge him is far less than what a loan officer would.
So is that why people invest? Excuse a brother ignorance. I went to the bank and notice that they only insure up to I think 300k or so. I asked ole girl so do you have special accounts for people with millions. That bitch looked at me and gave me a look like
nigga you up here trying to get bounced fees off your account and you asking me about, millions?
Here's the article from forbes..
Rich man and boxing great Floyd Mayweather Jr. has a tax problem. He still owes the IRS his federal income taxes for 2015. He tried to get the IRS to let him pay over time.
Rich man and boxing great Floyd Mayweather Jr. has a tax problem. He still owes the IRS his federal income taxes for 2015. He tried to get the IRS to let him pay over time. Now, he has taken the IRS to court about it. He is worth plenty, of course, but having high value assets doesn’t always translate to cash to pay the IRS. And that seems to be Mayweather’s problem. That could all change with his upcoming August 26 next fight of the century with MMA’s Conor McGregor. The IRS is usually not too tough about granting installment agreements, especially where the period of time involved is relatively short, and where there are plenty of assets the IRS can lien to be sure it is eventually going to get paid.
FILE - In this May 2, 2015, file photo, Floyd Mayweather Jr. celebrates during his welterweight title fight against Manny Pacquiao in Las Vegas. Mayweather Jr. said Wednesday, June 14, 2017, he will come out of retirement to face UFC star Conor McGregor in a boxing match on Aug. 26. Mayweather, who retired in September 2015 after winning all 49 of his pro fights, will face a mixed martial arts fighter who has never been in a scheduled 12-round fight at the MGM Grand arena. The fight will take place in a boxing ring and be governed by boxing rules. (AP Photo/John Locher, File)
But in the case of someone with enormous assets—and Mayweather surely falls into that category—the IRS may be tougher. As a practical matter, it does seem likely that Mayweather has a large number of options that could free up some cash. Thus, perhaps he could pay the IRS if he was of a mind to. Of course, his tax bill may not be a small one. In 2015, Mayweather had a very big year, reportedly earning $220-230 million for defeating Manny Pacquiao. That was called the Fight of the Century. Now, Mayweather’s come-out-of-retirement pay for fighting McGregor is reportedly $100 million plus. In fact, it could balloon to four times that much, depending on the variables. Of course, Conor McGregor won’t come off badly either. He is said to expect at least $75 million. That is five times as much as his take from any UFC event.
Once the McGregor fight takes place, Mayweather will have to pay taxes on that too. It could be as much as $400 million in earnings. Of course, he'll have to address those back 2015 taxes too, plus penalties and interest. Still, Mayweather has probably played his cards with the IRS just fine. After all, much about dealing with the IRS is procedure. Since court filings take time, Mayweather may already have won by keeping his tiff with the IRS alive. By the time the Tax Court makes a decision, Mayweather may have his August 26 fight payday.
Under Section 6321 of the tax code, when you fail to pay a tax liability after notice and demand, a lien attaches to all your property and rights to property. The IRS can seize and sell property subject to a federal tax lien. So, filing a lien is second nature to the IRS, but it doesn't necessarily mean they will try to seize and sell anything. Yet if Mayweather felt he had to file in Tax Court, it may have been to make sure that the IRS did not do something rash, like push hard to collect. The IRS does like to get paid, but they are pretty used to granting installment agreements.
Rich man and boxing great Floyd Mayweather Jr. has a tax problem. He still owes the IRS his federal income taxes for 2015. He tried to get the IRS to let him pay over time. Now, he has taken the IRS to court about it. He is worth plenty, of course, but having high value assets doesn’t always translate to cash to pay the IRS. And that seems to be Mayweather’s problem. That could all change with his upcoming August 26 next fight of the century with MMA’s Conor McGregor. The IRS is usually not too tough about granting installment agreements, especially where the period of time involved is relatively short, and where there are plenty of assets the IRS can lien to be sure it is eventually going to get paid.
But in the case of someone with enormous assets—and Mayweather surely falls into that category—the IRS may be tougher. As a practical matter, it does seem likely that Mayweather has a large number of options that could free up some cash. Thus, perhaps he could pay the IRS if he was of a mind to. Of course, his tax bill may not be a small one. In 2015, Mayweather had a very big year, reportedly earning $220-230 million for defeating Manny Pacquiao. That was called the Fight of the Century. Now, Mayweather’s come-out-of-retirement pay for fighting McGregor is reportedly $100 million plus. In fact, it could balloon to four times that much, depending on the variables. Of course, Conor McGregor won’t come off badly either. He is said to expect at least $75 million. That is five times as much as his take from any UFC event.
Once the McGregor fight takes place, Mayweather will have to pay taxes on that too. It could be as much as $400 million in earnings. Of course, he'll have to address those back 2015 taxes too, plus penalties and interest. Still, Mayweather has probably played his cards with the IRS just fine. After all, much about dealing with the IRS is procedure. Since court filings take time, Mayweather may already have won by keeping his tiff with the IRS alive. By the time the Tax Court makes a decision, Mayweather may have his August 26 fight payday.
Under Section 6321 of the tax code, when you fail to pay a tax liability after notice and demand, a lien attaches to all your property and rights to property. The IRS can seize and sell property subject to a federal tax lien. So, filing a lien is second nature to the IRS, but it doesn't necessarily mean they will try to seize and sell anything. Yet if Mayweather felt he had to file in Tax Court, it may have been to make sure that the IRS did not do something rash, like push hard to collect. The IRS does like to get paid, but they are pretty used to granting installment agreements.
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Before applying for any payment agreement, of course, you must file all required tax returns. There are simplified IRS procedures for small amounts of taxes due, and even for some payroll tax debts. Some of the amounts can even qualify for an online payment agreement. Outside of online payment agreement circumstances—and clearly Mayweather’s tax debt would be major—you can still apply by filling out and submitting an IRS Form 9465, Installment Agreement Request and Form 433-F, Collection Information Statement. In Mayweather's case, he would probably have to submit a Form 433-A, and even a Form 433-B. The Form 433 series of forms are basically financial statements that list all your income, expenses, and assets. I’ll bet the IRS got a little frosty when it read Mayweather’s financial statements.
Last year, the boxer sent an IRS Form 1099 to a strip club to report that he dropped $20,000. The Daily Mail reported that Mayweather Promotions LLC sent the form to the Hustler Club for $20,000 spent on strippers. The money was mostly cash tips for dancers, so the club claims it didn't see the money paid to the 'independent contractors.' Perhaps now the shoe is on the other foot.
Rich man and boxing great Floyd Mayweather Jr. has a tax problem. He still owes the IRS his federal income taxes for 2015. He tried to get the IRS to let him pay over time.
Rich man and boxing great Floyd Mayweather Jr. has a tax problem. He still owes the IRS his federal income taxes for 2015. He tried to get the IRS to let him pay over time. Now, he has taken the IRS to court about it. He is worth plenty, of course, but having high value assets doesn’t always translate to cash to pay the IRS. And that seems to be Mayweather’s problem. That could all change with his upcoming August 26 next fight of the century with MMA’s Conor McGregor. The IRS is usually not too tough about granting installment agreements, especially where the period of time involved is relatively short, and where there are plenty of assets the IRS can lien to be sure it is eventually going to get paid.
FILE - In this May 2, 2015, file photo, Floyd Mayweather Jr. celebrates during his welterweight title fight against Manny Pacquiao in Las Vegas. Mayweather Jr. said Wednesday, June 14, 2017, he will come out of retirement to face UFC star Conor McGregor in a boxing match on Aug. 26. Mayweather, who retired in September 2015 after winning all 49 of his pro fights, will face a mixed martial arts fighter who has never been in a scheduled 12-round fight at the MGM Grand arena. The fight will take place in a boxing ring and be governed by boxing rules. (AP Photo/John Locher, File)
But in the case of someone with enormous assets—and Mayweather surely falls into that category—the IRS may be tougher. As a practical matter, it does seem likely that Mayweather has a large number of options that could free up some cash. Thus, perhaps he could pay the IRS if he was of a mind to. Of course, his tax bill may not be a small one. In 2015, Mayweather had a very big year, reportedly earning $220-230 million for defeating Manny Pacquiao. That was called the Fight of the Century. Now, Mayweather’s come-out-of-retirement pay for fighting McGregor is reportedly $100 million plus. In fact, it could balloon to four times that much, depending on the variables. Of course, Conor McGregor won’t come off badly either. He is said to expect at least $75 million. That is five times as much as his take from any UFC event.
Once the McGregor fight takes place, Mayweather will have to pay taxes on that too. It could be as much as $400 million in earnings. Of course, he'll have to address those back 2015 taxes too, plus penalties and interest. Still, Mayweather has probably played his cards with the IRS just fine. After all, much about dealing with the IRS is procedure. Since court filings take time, Mayweather may already have won by keeping his tiff with the IRS alive. By the time the Tax Court makes a decision, Mayweather may have his August 26 fight payday.
Under Section 6321 of the tax code, when you fail to pay a tax liability after notice and demand, a lien attaches to all your property and rights to property. The IRS can seize and sell property subject to a federal tax lien. So, filing a lien is second nature to the IRS, but it doesn't necessarily mean they will try to seize and sell anything. Yet if Mayweather felt he had to file in Tax Court, it may have been to make sure that the IRS did not do something rash, like push hard to collect. The IRS does like to get paid, but they are pretty used to granting installment agreements.
Rich man and boxing great Floyd Mayweather Jr. has a tax problem. He still owes the IRS his federal income taxes for 2015. He tried to get the IRS to let him pay over time. Now, he has taken the IRS to court about it. He is worth plenty, of course, but having high value assets doesn’t always translate to cash to pay the IRS. And that seems to be Mayweather’s problem. That could all change with his upcoming August 26 next fight of the century with MMA’s Conor McGregor. The IRS is usually not too tough about granting installment agreements, especially where the period of time involved is relatively short, and where there are plenty of assets the IRS can lien to be sure it is eventually going to get paid.
But in the case of someone with enormous assets—and Mayweather surely falls into that category—the IRS may be tougher. As a practical matter, it does seem likely that Mayweather has a large number of options that could free up some cash. Thus, perhaps he could pay the IRS if he was of a mind to. Of course, his tax bill may not be a small one. In 2015, Mayweather had a very big year, reportedly earning $220-230 million for defeating Manny Pacquiao. That was called the Fight of the Century. Now, Mayweather’s come-out-of-retirement pay for fighting McGregor is reportedly $100 million plus. In fact, it could balloon to four times that much, depending on the variables. Of course, Conor McGregor won’t come off badly either. He is said to expect at least $75 million. That is five times as much as his take from any UFC event.
Once the McGregor fight takes place, Mayweather will have to pay taxes on that too. It could be as much as $400 million in earnings. Of course, he'll have to address those back 2015 taxes too, plus penalties and interest. Still, Mayweather has probably played his cards with the IRS just fine. After all, much about dealing with the IRS is procedure. Since court filings take time, Mayweather may already have won by keeping his tiff with the IRS alive. By the time the Tax Court makes a decision, Mayweather may have his August 26 fight payday.
Under Section 6321 of the tax code, when you fail to pay a tax liability after notice and demand, a lien attaches to all your property and rights to property. The IRS can seize and sell property subject to a federal tax lien. So, filing a lien is second nature to the IRS, but it doesn't necessarily mean they will try to seize and sell anything. Yet if Mayweather felt he had to file in Tax Court, it may have been to make sure that the IRS did not do something rash, like push hard to collect. The IRS does like to get paid, but they are pretty used to granting installment agreements.
Advertisement
Before applying for any payment agreement, of course, you must file all required tax returns. There are simplified IRS procedures for small amounts of taxes due, and even for some payroll tax debts. Some of the amounts can even qualify for an online payment agreement. Outside of online payment agreement circumstances—and clearly Mayweather’s tax debt would be major—you can still apply by filling out and submitting an IRS Form 9465, Installment Agreement Request and Form 433-F, Collection Information Statement. In Mayweather's case, he would probably have to submit a Form 433-A, and even a Form 433-B. The Form 433 series of forms are basically financial statements that list all your income, expenses, and assets. I’ll bet the IRS got a little frosty when it read Mayweather’s financial statements.
Last year, the boxer sent an IRS Form 1099 to a strip club to report that he dropped $20,000. The Daily Mail reported that Mayweather Promotions LLC sent the form to the Hustler Club for $20,000 spent on strippers. The money was mostly cash tips for dancers, so the club claims it didn't see the money paid to the 'independent contractors.' Perhaps now the shoe is on the other foot.
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exactly, a lot of people dont understand how real money works. When you have that much money you dont simply put it in a bank because fdic only insures 10K i think. So they put in it into investments. This is why he can't go liquid anytime soon. It could acutally take him months ot go liquid with what he owes (even tho they never said how much)
This is why I like May, hes getting his people that he pays to get them to take the money later and avoid penalties. Smart move. Its funny, everytime black people see an article like this they think the person in it has money issues. Coun't be further from the truth. Almost every rich person in america has or will be in trouble with the IRS concerning taxes. The reason is the IRS never usually get the right information about what that person owns, has to pay taxes on and what they do or dont make. It may be easy for a empolyy like you or me to have a normal tax bill but if your rich and you have persoal income, stocks, real estate, business holdings and more the IRS never can get to the true figure and that person account never really gets to that true figure, thus the IRS comes bitchin about one not paying enough in taxes.
May weather is abreast fighter but h doesn't seem like someone you would take financial advice from.
There are a lot of people with millions in their bank account, just because you have a lot of money doesn't make you a money genius.
Because he's a dumbass who is at the end of his career, spending like it's the beginning, and will be broke by the end of his life
The FDIC insures only $250k.. Therefore if the bank folds,
you are out of 75% of your money... Furthermore, you would
be losing by keeping such a lot of money in an institution that
can barely grow it above inflation....
This has to be joke??...right??..
No .. Its true. Floyd Mayweather filed a lawsuit against the IRS... Read the Forbes article I posted.
Hmmm... He probably doesnt want to pay it yet lol. Thats like 50cent declaring bankruptcy. Dude wasnt bankrupt lol. Rich people lie all the time to avoid paying for stuff right now or avoid paying at all.
Floyd owes these taxes for 2015. Waiting till after this fight does nothing more than get him more money to pay them.
What he does in 2017 isn't going to affect what he owes from 2015.
There's nothing slick about this.
Floyd just ain't as 'liquid' as he would like us all to believe.
not saying this what is going on with Floyd but fyi
http://www.nolo.com/legal-encyclopedia/how-deduct-business-losses-net-operating-losses.html
You may apply an Net Operating Loss to past tax years by filing an application for refund or amended return for those years. This is called carrying a loss back. (IRC Sec. 172.) As a general rule, it’s advisable to carry a loss back, so you can get a quick refund from the IRS on your prior years’ taxes. However, it may not be a good idea if you paid no income tax in prior years, or if you expect your income to rise substantially in future years and you want to use your NOL in the future when you’ll be subject to a higher tax rate.
Floyd clearly does dumb shit all the time. He wastes series money that could be earning interest. Still. i think its a ploy to show he might be desperate for this fight purse and distracted from boxing, giving Connor a chance to catch an aging, worried, distracted Floyd and win. What he owes is a simple a dividend payment from his bank accounts, or simply selling a few cars, or one house. The man owns 4 or 5 homes, and two private jets, free and clear. He's good. He will calmly go in and beat the shit out of that cracker.
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