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 Last update:  12/29/2013       Read more by Ronnie Nathanielsz         
   
Pacquiao's Federal Tax Lien Being Released By IRS
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by Ronnie Nathanielsz

The top-notch lawyer and tax counsel of “Fighter of the Decade” Manny Pacquiao, Atty. Steven Toscher has informed BoxingScene.com/Manila Standard that the lien placed on the properties and US bank accounts of Pacquiao “is in the process of being released by the Internal Revenue Service.”

At the same time, Toscher referred to the numerous public reports about tax issues involving boxing superstar Manny Pacquiao and stressed that “many of those reports  have contained inaccurate and misleading information and were triggered by the filing of a federal tax lien.”

It was reported earlier that a Federal Tax Lien dated November 22, 2013 was filed with the Official Recorders Office in Los Angeles, California in which it said “as provided by Section 6321, 6322 and 6323  of the Internal Revenue Code we are giving a notice that taxes including interest and penalties have been assessed against Emmanuel D. Pacquiao.”

It further said “we have made a demand  for  payment of this liability but it remains   unpaid. Therefore,  there is a lien in favor of the United States on all property and rights to property belonging to this taxpayer for the amount of these taxes and the additional penalties, interest and costs that may accrue.” The amount owed had been placed at $18.3 million.
 
The IRS website describes a federal tax lien as “ the government’s legal claim against your property when you neglect or fail to pay a tax debt. A lien protects the government interest in all your property including real estate, personal property and financial assets. A federal tax lien exists after the  IRS assesses a liability.”
 
Toscher, of Hochman Salkin Retting Toscher & Perez, P.C., has been working with the IRS. Toscher and Manny’s counsel, David Marroso of O’Melveny and Meyers, stated that “the IRS has abated the tax assessments against Manny which triggered the filing of the lien and has released or is in the process of releasing all federal tax liens and levies .”

At the same time Toscher stated that “Manny  is serious about his tax obligations  and will continue to work with the IRS  to resolve any outstanding tax issues.”

Both Atty.Toscher and Atty. Marriso emphasized that “matters regarding Manny’s finances and tax matters are confidential, and both the IRS and his advisors have respected his privacy and continue to focus their attention on the facts, not misleading rumors perpetuated by others.”

Tags: Manny Pacquiao



 User Comments and Feedback (must register to comment)

comment by richardt, on 12-30-2013
[QUOTE=The Big Dunn]It seems you will go with anything that absolves manny of any blame.[/QUOTE]Did I counter any of the statements up to this point that placed Pac to blame before finding out the latest relevant information? NO. Because up to that point, it looked like Pac was to blame till the...

comment by The Big Dunn, on 12-30-2013
[QUOTE=richardt]I am taking Tax experts information over your hollow rebuttal so unless you have something that counters the article, shut up. I'll wait for your "expert opinion" to come up with something that proves otherwise. You act like it is impossible for Arum to be 100% responsible. Damn, ...

comment by richardt, on 12-30-2013
[QUOTE=The Big Dunn]This is hardly a credible source. They even said opined. They also weren't even sure which rules apply to manny. I know you want to make manny look as good as possible but come on.[/QUOTE]I am taking Tax experts information over your hollow rebuttal so unless you have somethin...

comment by The Big Dunn, on 12-30-2013
[QUOTE]By JUN RAMIREZ Manila, Philippines – Tax experts and veteran officials from the Bureau of Internal Revenue (BIR) opined yesterday that it is not the duty of boxing icon Manny Paquiao to file and pay income tax in the United States out of his earnings from boxing there. They sai...

comment by richardt, on 12-30-2013
[QUOTE=The Big Dunn]who is responsible for paying manny's US taxes if it's not manny?[/QUOTE]Arum and Arum only: Tax experts and veteran officials from the Bureau of Internal Revenue (BIR) opined yesterday that it is not the duty of boxing icon Manny Paquiao to file and pay income tax in the Unit...

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