Comments Thread For: Mayweather Owes Taxes, Asks IRS to Wait For McGregor Fight

[Butch.McRae]

Yea but if you threw any name in there its a non-lawyer story for the more mainstream media is what I'm saying. I mean look at this story.

By no means do I think Floyd is the threshold for making this mainstream news. I'd assume everyone above him & lotsa of people below him in popularity to be capable of making a mainstream news story so if Brad Pitt is "broke" or if Buffet is "broke" thats clicks on a website that has value.

That to me is saying this isn't happening to those guys, for some reason, or I'm missing a bunch of other famous people are "broke" stories based on what you are saying about this being standard more or less.

For some reason corporate guys get giddy over athletes. Its kid of like they love to report these stories on Arod or Floyd, or whoever because it makes them feel better about not making as much money. I see tax stores about athletes all the time, meanwhile some partner at the firm owes millions and its no big thing.

[the secret]

Owing taxes does not mean you're broke, Mayweather did not pay (file a return) taxes for 2015. The wealthy (Trump) do this every year.

[Shadoww702]

Just last year, the U.S. Tax Court entered a decision on income taxes due dating back a decade ago:
“Pursuant to the agreement of the parties in this case, it is ordered and decided that there is a deficiency in income tax due from petitioner for the taxable year 2006 in the amount of $1,627,563.00; and that there is no penalty due from petitioner for the taxable year 2006.”

???WTF that's some BS!!!! They should NOT be able to go back more than 3 years.

It's NOT like I can hire a tax attorney and have him go back a decade and get me a BUNCH of money because I was too young and ****** to know WTF I was doing. I KNOW I could easily get a couple 1000's here in there for past years taxes.

Only the government can change rules and make sht up as they go. CLEARLY to benefit THEM though.

[Eff Pandas]

These aren't necessarily balances. A lot of times the IRS sends out notice of what they think you owe them. There's an appeals process with discovery. Then the balance is determined. Notice in the article where it says he settled for 5 million. The original balance in that case was overstated.

How much did he legit owe on taxes without penalties & interest is the real question still?

If you owe x + 500k in penalties & interest & you settle for x + 200k wouldn't it still have been preferred to have paid x when it was due?

[p4ptbe]

well it ain't my business cos i ain't a us citizen (although they do it everywhere else too), but you almost sound that you're ok with the super rich dodging $ millions in taxes. Doesn't that **** ultimately come out of your pockets? Or you just resigned to that **** (which is fair enough i guess cos what can you actually do about it)?

the ultra rich pay wayyyy more than any of us! If they want a discount on their bill i dont really care! If i was making a 100 million in a year and didnt want to pay 40 million to the irs i would sue them also! Then you can settle the case and get a discount like a lot of billionaires do on a regular basis! He is still going to pay like he always does! Maybe he will get a few million off! Like i said this is just business!

[Eff Pandas]

For some reason corporate guys get giddy over athletes. Its kid of like they love to report these stories on Arod or Floyd, or whoever because it makes them feel better about not making as much money. I see tax stores about athletes all the time, meanwhile some partner at the firm owes millions and its no big thing.

In fairness the "partner at the firm" guy might not be a notable enough figure to carry a story.

But I get your overall point + seem more knowledgeable about this than I & I'm hardly the guy to be catching stories of many people besides boxers & MMA guys being "broke" via these types of stories anyway I suppose.

[Combat Talk Radio]

U seem very knowledgeable abt Floyd and Manny tax issues. Lord Jamar told u? Lol

I do taxes. That's why I know. Have done for over 12 years. I've even exploited the loopholes myself that the super rich exploit. You'd be surprised how easy it really is if you understood the tax code. The way they write the requirements CREATES the loopholes because they don't expect people to be smart enough to exploit them. I used one particular loophole for at least 4 years before they finally rewrote that part with the right restrictions; that loophole basically allowed you to claim a deduction equal to what was withheld, resulting in a 100% refund, if you made more than $60k/year and didn't own your home. Fully legal at the time, never audited, never questioned. (Why do you think so many celebs rent properties in different states rather than own...?)

But the thing is, the feds only really come after you for failing to file OR when your filing simply doesn't make common sense. Like if you made $1million in a year and then claim $900,000 in business expenses you're going to get audited, because that is an extremely unlikely scenario for an individual .

I'd put money (pun intended) on it being a case of Floyd failing to include certain sources. Like ******** - you have to report that income separately. Willing to bet that he's only been reporting business income, which is probably only about 70% of his total income load. He also is probably not putting money into pre-tax investments, so if he goes with standard bonds or physical assets, he has to pay capital gains on the interest, and he's probably not doing that either.

I agree with another poster, he needs a REALLY good CPA to get a handle on his liabilities. It's not his assets that are the problem.

B
Randomly does anyone know if he's filled taxes for 2016 & this is just some issue due to all the incoming money he had in 2015 via the Manny fight?

His 2016 taxes, not counting possible deductions, would have been nearly $120 million. I'm figuring based on the fact he has kids and business deductions, assuming he invested a good portion of it, he would probably have been on the hook for about $50-$70 million. I doubt he paid that.

[Eff Pandas]

His 2016 taxes, not counting possible deductions, would have been nearly $120 million. I'm figuring based on the fact he has kids and business deductions, assuming he invested a good portion of it, he would probably have been on the hook for about $50-$70 million. I doubt he paid that.

How high &/or aggressive would the interest & penalties for that speculative $50M-$70M amount be?

[Shadoww702]

“The agency said that Mayweather had various options available … including by selling property, withdrawing cash from other accounts or taking out a loan,” the Law360 report said.

??? Selling his property would most likely take MORE then the 60 days he's asking for. And if they know you need the $$$ right away they gonna LOWBALL the SHT out of you... Take out a loan??? And he'll have to pay interest on that according to the latest “Applicable Federal Rate”.

Law360 sounds like a bunch of Ex H&R walmart tax booth agents.

I would do EXACTLY what Floyd is gonna do. Tell them wait your 60 days and he should get it.

[sicko]

It's not that common to owe taxes after filling. Lawyers and accountants find loopholes prior to filling. Floyd just owes money and is not as liquid as he advertises to be.

Well one of the loopholes is setting up LLC's and having all your payments go to THAT!

An LLC protects you from personally from all creditors, whether they be customers, shareholders, or other parties. Liability for business activities is limited to the LLC's assets; yours are protected.

[IMG]https://media.*****.com/media/d3mlE7uhX8KFgEmY/*****.gif[/IMG]

Going to assume that Haymon taught Mayweather this because Mayweather is not that damn smart! Flaunting Wealth is really not a smart thing to do honestly. Most wealthy people spend Tax Season trying to HIDE MONEY AND ASSETS to pay less Taxes!