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Last edited by jbpanama; 07-08-2017, 01:49 PM. -
The IRS is absolutely not aggressive about penalties. They'll waive the bulk of the interest if you agree to a payment plan that gets it paid off in a short period of time depending on the debt. They'll throw out some crazy number like 5% or something but they will absolutely negotiate as long as you're showing good faith.
Put it like this: Assume it's $50million. If Floyd agreed to a payment of at least $1million/month, the IRS would likely rock bottom the interest rate. If he agreed to a payment of at least $2million/month they would probably settle for $24million and forgive the remainder. That's did it for Willie Nelson (after he got smart), they did it for Snoop, they did it for Tyson.
If Floyd doesn't at least show good faith the penalty can easily double whatever the liability was - or $100million all told. It's not worth it and I think he's making a ****** mistake. He should set up a payment arrangement with them, drop them $10million now, $2million in August, fight Conor, then bulk pay the rest. IRS would likely waive a good chunk of it.
You're 100% right except that last sentence. What he SHOULDN'T do is tell IRS to wait. He should pay something, even if it's a fraction of the total, to show good faith. Then bulk pay after the McGregor fight.Comment
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Its clearly true. It says as much in the court documents he doesn't have liquid assets to cover his taxes. He's got 400M (or whatever impressive amount), but its not sitting around the house in a random closet. He's got it tied up in stuff & either he needed to schedule a fight or sell something.Originally posted by JK1700
And this stuff keeps being reported cuz Floyd keeps not paying the tax man on time.
It would seem this is likely a problem due to the fact of the Manny fight generating so much income for him that the taxes were nuts & with him having the back end situation with money he might have not actually held the cash amount to pay this high an amount of taxes at any point with waiting on money + investing cash he was holding. I mean the last thing you wanna do with 400k or whatever is just have 400k in paper.
So I'd be worried how he handles this incoming huge income in August in 2019 if he hasn't paid the huge amount of taxes he'll owe for this upcoming fight like he didn't pay for the taxes from Floyd vs Manny 2 years ago.Comment
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If there was any doubt to whether Floyd will lose before his career really ends, this should end any speculation. Now, also, if you doubt that is why he is fighting Connor, it should clear that up as well. It's big money for low risk.
Just like a lot of other fighters in his situation, he will be forced to fight for too long and WILL TAKE AN 'L' before he hangs them up for real.
How a fighter can squander 500 million is really beyond me.Comment
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Wow, he will end up fighting until he Is 45 years old. Floyd and Manny can't seem to pay their taxes.Comment
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I'm an accountant who doesn't specialize in taxes, but have a good understanding of them. Trust me that it's not hard to see how athletes can get in tax issues. The law is very complicated, but you'd think he'd have a team of CPAs that would handle this and advise him.Comment
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Geez how dumb can some people get? Just pay your **** like everybody else and avoid these type problems.Comment
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Damn it, Floyd.
I thought you were going to be the one the fighter who wasn't going to end up broke.
What the hell are you doing with all that money? Use some of it to hire top flight professional money managers and accountants.
And if they advise you to stop ******** then you should probably listen.Comment
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