Manny Pacquiao Under IRS Tax Audit For 06-07

[oc9979]

Just Wait until the RESULTS of the Audit come out before passing judgment for or against Pacquiao. Nobody knows if he's going to owe money or not.

Also, no one knows why he's getting audited. I can only speculate that the IRS is looking into those years because of the Cash Bonanza that Pacquiao received when he fought Dela Hoya in 2008. Then his earnings for each fight jumped after that fight. During 2006-2007 he was not a "Cash Cow" yet and did not earn as much as he has today. It was probably su****ious that he made a few million dollars during 2006-2007 then all of a sudden he's making 10's of millions of dollars the following years.

They usually look at deductions, income are reported with 1099misc, so they usually match the 1099misc received with the income reported on the tax return.

[RajahBell]

follow the link
http://www.taxdebthelp.com/tax-probl...dit-statistics

1.03% audit

They usually look at deductions, income are reported with 1099misc, so they usually match the 1099misc received with the income reported on the tax return.

The website you gave says that "The IRS has a computer program that is called the Discriminant Function System that gives each tax return a score. This score is called the DIF score. The score is a number that statistically determines the likelihood of the tax return being accurate."

One of the common "Red Flags" of the DIF system is" Large swing in income:

The IRS thinks that there should be consistency to earnings. If there are large swings of reported income that cannot be explained by W-2s or 1099's, this is a red flag. This is another one of those red flags you can't avoid if you do have large swings in income. If you do expect to have large swings, just be prepared to show documentation for the differences."

[KING MEAT]

Was Floyd even audited? The guy just didn't want to pay taxes. There's a difference.

theres its is

//thread.

[Left Hook Tua]

wow..will the *******s jump on like they did floyd?

do you know what an audit is larry?

they go over what you paid to see if you paid the right amount.

it's quite common to get audited , if you have a job and pay taxes.


a lot of people get audited.

it's also different from not paying your taxes.

[oc9979]

The website you gave says that "The IRS has a computer program that is called the Discriminant Function System that gives each tax return a score. This score is called the DIF score. The score is a number that statistically determines the likelihood of the tax return being accurate."

One of the common "Red Flags" of the DIF system is" Large swing in income:

The IRS thinks that there should be consistency to earnings. If there are large swings of reported income that cannot be explained by W-2s or 1099's, this is a red flag. This is another one of those red flags you can't avoid if you do have large swings in income. If you do expect to have large swings, just be prepared to show documentation for the differences."

Not only that but people with higher income will input higher deductions to make their tax liability lower. If he does not have proof of his deduction, then he will be screw.

[Left Hook Tua]

whats up with boxers and taxes???and why was floyds issues front page but this isnt??

because they don't have a normal job that deducts taxes before handing them a paycheck?

athletes and others celebrities also make additional income from things normal people don't.

joe louis for example was what charity boxing matches where he donated his purse and didn't realize it was taxable?

[oc9979]

because they don't have a normal job that deducts taxes before handing them a paycheck?

athletes and others celebrities also make additional income from things normal people don't.

joe louis for example was what charity boxing matches where he donated his purse and didn't realize it was taxable?

I guess he did not know it was tax deductible as well.

[F l i c k e r]

omfg. juiceman is be spending all his monies on **********s, he needs to be deported. he got no money. **********s are a hefty price.

[BoZz]

the little big headed cheater cheating with his taxes too lol..

man duckqiao is getting exposed day by day..

the good always wins..pacs little fake nice pretending is getting exposed..

he's a cheater who cheats on his wife lol

[BoZz]

mmmmmmm me no know how to make tax aaaaaaaaa bob arum make tax for me aaaaaaaaaaaaaa me very good congressman aaaaaaaaaaaaaaaaa me no have to pay tax me very humble man aaaaaaaaaaaaaa

you mother****a better pay your taxes stop blaming it on arum lol