Mayweather agrees to pay back $5.6 million in back taxes

[Guest]

I paid 10K in back taxes in 2003. I had a levy on me which took 1/2 of my paycheck until I called and worked out a payment plan. It is almost impossible to get ahold of them during business hours, btw.

I gotta ask 1099?

That's what they got me on. One year I was making some extra dough doing some side work of course the company filed that **** right on time.
So I learned.

I had a friend they took everything he had in the bank but a penny.

They can seriously **** u up..

[Left2body]

His purse on the fight was USD 10 Mn guaranteed plus a %age of the PPV revenues. Figure he will make USD 15 Mn.

He pays IRS 6, his accountant withholds another $4 nil for 2009 so that he rebuilds IRS relationship.

He nets USD $5 Mn for beating Marquez.
And then you have to add in his promoter's cut and his income from the sponsorships ('reebok is seven figures').

He did Ok.

Nah bad math there. Lets say his pay day for Marquez is 15 million. 10% goes to trainer 13.5mill left.

Now IRS also would take ~40% of the purse for regular current taxes. That makes 8.1million. Now you take away the 5.6 million on back taxes and the number drops to 2.5million.

You can add another 1million for Reebok and bring it to 3.5 but then you also have to subtract .6 million for not making weight. Brings it to about 2.9million. Its still a lot of money.

[Texanballer]

IRS are ruthless and relentless. They have my Mom's bank account frozen until she pays some taxes she got in a big personal injury settlement. All her money has been frozen for almost a year and she has appealed the taxes she should find out in November or close to there what happes.

[2501]

I gotta ask 1099?

That's what they got me on. One year I was making some extra dough doing some side work of course the company filed that **** right on time.
So I learned.

I had a friend they took everything he had in the bank but a penny.

They can seriously **** u up..

Yup, I did alot of contracting work in the housing industry with various work crews. I was young and naive.

[oc9979]

I happen to know a little bit about law and finance. I'm very interested to hear his reply.

Try fighting that arguement in the Supreme Court. See if it works