Floyd Mayweather Asks IRS for Tax Reprieve Until After Conor McGregor Fight

[The Big Guy]

Floyd Mayweather filed a petition July 5 asking the IRS for a reprieve from unpaid taxes from 2015 until after his fight with Conor McGregor in August.

"Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid," Mayweather's petition stated, per the legal website Law360 (h/t ESPN.com's Darren Rovell). "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."

Mayweather, 40, made $220 million alone from his 2015 fight against Manny Pacquiao. It is unclear how much he owes the IRS in taxes.

The petition asks the government to reduce Mayweather's penalty on the unpaid taxes. Given a 15-month lapse since the 2015 tax due date, Mayweather would owe 7.5 percent in penalties on top of what he was already scheduled to pay, according to Rovell.

Mayweather is expected to bring home a nine-figure payday from his bout with McGregor, which is slated for Aug. 26 in Las Vegas. The fight will end a nearly two-year retirement. Mayweather has not boxed professionally since defeating Andre Berto via unanimous decision in September 2015, which moved him to 49-0 for his career.

Forbes estimated Mayweather's net worth at $340 million in January.

Floyd Mayweather Asks IRS for Tax Reprieve Until After Conor McGregor Fight

 

[Sheepdog]

This is not surprising. I hope that Floyd continues to have problems with the IRS and has to fight well into his 40s, and one day we see him get knocked out.

 

[Priziesthorse]

McGregor gonna change another fighter's bum life

 

[The Big Guy]

Must suck being floyd and not being able to read articles written about you

 

[Andrewsimar Palhardass]

Unlucky for Floyd to have this come out the day before the first press conference. Conor received a gift this morning.

 

[Sheepdog]

Must suck being floyd and not being able to read your own mail

I can read and respond to your post. I spend my days searching online for busboy jobs and yelling at my mother for not spreading the peanut butter on the toast evenly enough. Floyd's problem is that he has to make another 200 million against a guy who has never competed in the sport he is one of the ATGs in just to cover the taxes on the last 200 million he made for a single fight. I'm not so sure this reading thing is all it's cracked up to be.

 

[BJJMMA]

So during the Floyd Pacquiao fight the subject came up about Floyd's illiteracy. Two people got into a fairly heated exchange. The general argument was "he has enough money it doesn't matter" vs "it doesn't matter if you're too dumb to read you're too dumb to manage that money."
Anyway my friend was of the latter opinion and said "write it down within 5 years of retirement he will be scrambling for money."
Today I get a group text with the article and I told you so sent to everyone involved. Lol

 

[Jesus X]

I'm playing a tiny violin for floyd I'm ova here cutting up papa johns coupons and using Groupons and homeboy is still going to have 200 million after taxes FML SMD SMH YMCA.

 

[Wild]

Sounds like Floyd needs better representation around him. How can you make the money he has, and owe anyone anything.

 

[Ghost Bro]

Ye Money doesn't have any

 

[The Big Guy]

"That's gotta sting," McGregor said in an interview with TMZ Sports. "... He shoulda paid his taxes and stayed retired and kept my name out of his mouth"

 

[Papi Chingon]

It sounds like floyd actually has really good advisors around. From what I'm getting out of the article is floyd has a spending problem, but the bulk of his money money is locked up in long-term investments, so he can't spend as much as he wants. He is probably on an allowance from interest on investments, and whatever is left of his quarterly check isnt enough to pay the irs. His advisors are smart, and whatever they are being paid is worth it 10 fold so he isn't Allen Iverson in a year or two. If Floyd's net worth by forbes is accurate, 5% interest would be $17m a year. I don't see him picking up new mega mansions several times a year, all I see is him throwing around money on strippers, clothing, jewelry, watches, cars and travel. It takes a lot more than that to burn through the kind of money he has (not that he couldn't do it, and not that he wouldn't like to, but his spending just isn't on that level).

 

[The Big Guy]

It sounds like floyd actually has really good advisors around. From what I'm getting out of the article is floyd has a spending problem, but the bulk of his money money is locked up in long-term investments, so he can't spend as much as he wants. He is probably on an allowance from interest on investments, and whatever is left of his quarterly check isnt enough to pay the irs. His advisors are smart, and whatever they are being paid is worth it 10 fold so he isn't Allen Iverson in a year or two. If Floyd's net worth by forbes is accurate, 5% interest would be $17m a year. I don't see him picking up new mega mansions several times a year, all I see is him throwing around money on strippers, clothing, jewelry, watches, cars and travel. It takes a lot more than that to burn through the kind of money he has (not that he couldn't do it, and not that he wouldn't like to, but his spending just isn't on that level).

17 mil a year is like 1.4 million a month to blow. Damn thats gotta be fun

Plus doesnt he get paid from promoting fights and sponsors

 

[Papi Chingon]

17 mil a year is like 1.4 million a month to blow. Damn thats gotta be fun

Plus doesnt he get paid from promoting fights and sponsors

I wasn't even getting into his other business ventures with my 5% interest comment. The 5% was a simple way of saying he's ot tons of money to blow without even touching the principle.

To answer your question, yes, he also makes money off of his clothing lines, promotion company, management company, gym and whatever else he has going on.

 

[WoodenPupa]

Rich person games, nothing more. People like Floyd don't go "broke" except in relative terms. As headlines broke out about Mike Tyson going bankrupt about ten years ago there were pictures posted of him dancing on the beaches of Jamaica wearing gold chains.

The rich don't ever go poor like the average 5 figure salary bum does. Having a few million doesn't make you rich---having more assets than you can remember (like Floyd does, like Pacquiao does---oh yeah, remember when he was "bankrupt" too?) ensures you won't be begging for food or living month to month, ever. Hijinx with the IRS is mandatory. Nothing to see here.

 

[jason73]

sell a couple of the extra bugattis and a couple dozen watches .the guy has like 50 cars he has never even driven.i have a hard time feeling bad for rich people with tax problems

 

[Dat Pre-HollyHolm Ronda $]

This actually isn't uncommon among very wealthy people. This doesnt mean
he's struggling financially. It could simply mean he's playing the IRS like a fiddle
and using every loophole in the book to pay as little and as late as possible.

The best asset protection attorneys would have you die without a dime in your
actual name yet still control and pass along an empire.

Donald Trump filed for 6 different bankruptcies. I'll have to read up on them
again but I believe all but 1 was a strategic dodge to avoid having to pay specific
institutions back... cuz fuck them why not.

 

[Tiiimmmaaayyy]

"Forbes estimated Mayweather's net worth at $340 million in January."


That seems sooo low for someone who makes the money he makes. There will definitely be a bankruptcy in his future.

If he would sell a watch he could get caught up on his back taxes! The tax thing really irritates me. I read another article that talked about all the years he has had tax issues. I have a feeling if that happened to a regular dude like me, they would find a way to lock me up for a while.

 

[Dat Pre-HollyHolm Ronda $]

"Forbes estimated Mayweather's net worth at $340 million in January."


That seems sooo low for someone who makes the money he makes. There will definitely be a bankruptcy in his future.

If he would sell a watch he could get caught up on his back taxes! The tax thing really irritates me. I read another article that talked about all the years he has had tax issues. I have a feeling if that happened to a regular dude like me, they would find a way to lock me up for a while.

“The secret to success is to own nothing, but control everything" - Nelson Rockefeller

Networth is a shell game used by Asset Protection companies to show you
what they want you to see while never revealing the truth

Edit - Or Mayweather could just be a complete dumbass. But I doubt it

 

[Silverball]

 

[Hong Kong Phooey]

absurd

 

[Tiiimmmaaayyy]

No way he wrote all those big words all by himself.

 

[Silverball]

No way he wrote all those big words all by himself.

 

[kneeblock]

Well at least now we know why the McGregor fight is happening at all. I hope after this fight Conor's new nickname is Tax Bill.

 

[delightone]

24.000.000 plus 4.000.000 is 28.000.000, did i just save him another 2.000.000