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This makes a lot more sense than the "they pocketed all that money" both men may be greedy bastards but they both live here, last thing them too want is the IRS charging them with fraud.
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The story is very likely to be true. First, there's been so much press about Pacquaio's tax situation in the Philippines. When the story first broke, some on the forum tried to deny the allegations. But the fire continue and grew larger.
Then FightHype came and said they been hearing the IRS is after Pacquaio for $18 million. A week or two later, TMZ airs the story claiming they have official documents about it too, displaying exact figures and citing the years.
Then there is another story where Pacquaio is said to be seeking a settlement with the BIR/Philippines. Why would you be seeking a settlement if you deny that you owe anything?Comment
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Koncz is full of it. If Pacquaio had a legitimate accounting firm handling his taxes from the beginning instead of turning everything over to Koncz, there would be no questions about deductions and there likely would be no audit. Any accountant will tell you that a signing bonus is considered income and is taxable. The fact that this is something that is in dispute tells me that Koncz has been playing games with Pacquaio's money.
The IRS does not throw a number out there just to see how much they can get out of you. If they say you owe them $18 million, you owe them $18 million unless you can justify why you don't owe them that money. Koncz is making it sound like Pacquaio will walk away owing the IRS $1 or $2 million after all is said and done. Bullsh.t!Comment
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Koncz saying over and over again that it's a 'simple' issue doesn't inspire confidence
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At the rate he is going, Pacquaio will have to fight Mayweather three times at a guaranted purse of $40 million for each fight just to pay his tax bills. It is a dam shame. He should have listened to VisionQwest when they tried to warn him about what was going on. Apparenty, VQ was the only person or group who was actually working on behalf of Pacquaio.Comment
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The IRS doesn't mess around in the least bit. Those thinking that they say he owes this money to "damage his reputation" gains them absolutely nothing. They care about getting what their owed...They try not to damage your reputation especially if thats how you make your money. They'll take your ****, throw you in jail...but in the end they want their cash plain and simple.Comment
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Two years ago, the FH website broke the story about Pacquaio hiring VisionQwest to examine his finances. Ronnie Nathanielz wrote a story, quoting Michael Koncz saying it was a lie, as if Koncz's word was all that was needed to prove the story was false. It turns out that the story was true.
Last week, the FH website broke the story about the IRS' $18 million lien on Pacquaio. Ronnie Nathanielz wrote an article dis*****g the story. He again quoted Michael Koncz denying the story, as if that was all that was needed to prove the story was false. Again, the story proved to be true.
Now, he is writing a story that quotes Michael Koncz, who admits the story is true, but that it is simply an accounting error.
Do we need any more evidence than this that these allegations are true?Comment
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Yep. VisionQwest spotted irregularities and missing documents. Then when they tried asking Top Rank some further questions about that they were stonewalled and that's when Arum had Pacquiao fire them.
This should have been a huge red flag for Manny.
I still think he would be wise to hire Ernst & Young or some other top notch auditing firm to go over his affairs. He should get a clear picture of how much money he really has and what his expenses truly are. Maybe he can cut back on some of them.
Get a handle on things now while he's still fighting and making money. If he waits until he retires he might find out that he's broke and by then he won't have the means to make big paydays anymore.Comment
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