Comments Thread For: IRS Now Targets Manny Pacquiao For $18 Million in Debt

[Prime 407]

Arum and Koncz man.... I never liked Koncz but always gave Bob the benefit of the doubt, not this time....fk Arum that fat old c*nt.

[Sugar Adam Ali]

For the animosity and trash talking on floyd's part,, I do think down the road, floyd will fight manny to help him get a big payday,, at the end of the day, we are all human beings and none want to see another fall so far and suffer..

Ali n frazier, when after they were retired, ali helped frazier with some money issues,,

i think floyd, for all his faults, will do an honorable thing and help manny out,, may not be this year, but sometime in the future after all the trash talk is done,, floyd will help manny out IMO

[radioraheem]

Visionquest needs to be rehired for starters. They should have never been fired to begin with. I am sure they would have spotted the discrepencies a long time ago. It looks like it is time to get away from TR and make the fight with Mayweather.

Pacquaio owes VisionQwest money too. So he'd have to pay them for their past work before they'd even consider helping him again (which I doubt they will).

[-PBP-]

A few things to consider:

1. (as his promoter) Arum has NO fiduciary duty to Pacquiao. It's not his obligation to Pac to keep him out of tax trouble. Koncz does however (as his manager) have that obligation.

2. US Federal law requires that when a foreign fighter fights on US soil, the promoter must withhold 30% of the purse and forward it to the IRS.

3. In regards to #2, I would suspect (just my opinion) that the 30% was withheld and paid on the "guaranteed contract purse" only, as this would have been under the oversight of the commission. I also suspect the tax issues that are in question here are in regards to ppv upside money that was paid later, NOT the initial guaranteed purse money.

I agree 100% with this. This seems very believable. With those kind of numbers he had to of underpaid by only paying tax on his guaranteed purses reported to the commission.

And if that's the case, Arum and Top Rank did their part. This just falls on Pac and his people.

Good post.

[AboutBillions]

It's Easy, no need to be greedy. Just pay up or file for bankruptcy.

[hhs661]

Let's stop acting like Manny wasn't being talked about asking for advances because of his ******** and spending past. This guy knew he was blowing through money and wanted more. I believe everyone here knows that they were trying to pull a fast one on ol' Uncle Sam.


Why in the hell else would Manny post some ****** pictures of his tax forms for? This good guy, all-mighty lord savior, smiling in everyone's faces image that he portrayed wasn't genuine, IMO. Everyone involved tried to pull the wool over our eyes. It's just now catching up to each and every single last one.

[Dr Rumack]

I agree 100% with this. This seems very believable. With those kind of numbers he had to of underpaid by only paying tax on his guaranteed purses reported to the commission.

And if that's the case, Arum and Top Rank did their part. This just falls on Pac and his people.

Good post.

Meaning that Pac owes $18m in taxes from PPV money alone?

[TRTboy]

Pac is ****ed. I love the guy but man he is clueless and too gullible. But it is not that surprising when you grew up the way he did.

Still I don't get how you trust a guy (koncz) with your money when you just met not too long ago. Somehow I'm glad this is happening to wake pac the **** up.

[mrpizza-nd_beer]

I get assessments to submit paperwork because my refund was $2000 the year before. Pac owes tens of millions of dollars in 2009 and the IRS is only running after him now? Gullible suckers litter the internet.

[FeFist]

Meaning that Pac owes $18m in taxes from PPV money alone?

It's from 2006-2010, so it works out to on average $4.5 million a year. It seems about right to be honest as it would add up to him making roughly an extra $10 million a year; it wouldn't be the case for his fights in 06 but then it is balanced out by his fights that occurred after 08.