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

[aboutfkntime]

Please listen to me sir and I want you to hear me very carefully. Floyd unquestionably was a high school drop out with very little to no literacy skills at all. The man can hardly read at a third grade level and then he supposed to be able to comprehend corporate and tax laws.

This is what this is all about. Damn his upbringing! It doesn't matter, whether or not he traveled the four corners of the globe while riding in first class seats on the most expensive jets or traveled the seven seas of the earth, while staying at the best five star hotels and dining at the finest restaurants in the world; We are talking about his ability to understand, read and comprehend documents pertaining to his estate; Something which he appears to lack at the moment.

don't be ridiculous

Floyd obviously has an accountant

that idiot Mayweather does have the brains to pick up the phone-book and ring an accountant

an accountant who has likely given him the best advice

1) Floyd has received interest on that money for the last 11 years

2) he will receive a deduction

2) there is NO penalty for late payment

3) you can do this EVERY single year..... the IRS will only act against you if you fail to communicate with them

like others have said, this is likely the smart route for a multi-millionaire

[aboutfkntime]

I hate talking about boxers' money and all that shh but i've seen a fukton of idiotic azz responses on this topic.

Let's clarify some things for the imbeciles...

2. Floyd is not doing this to be savvy, his history of being negligent financially is well documented
3. No! Rich people do not do this as a way of negotiating with the IRS..they have CPAs that use the loopholes before the filing date and then get audited....What rich fool is going to give the IRS addition money in fees/fines? Do you people not understand tax code?
4. Floyd is not broke, but he is not as well off as he makes it seem..People always see the big numbers like $300 million and think he takes that home. That's not how it works..it's called overhead, marketing, entourage, venue, partner splits, taxes, permits, licenses, comes out of the promoters pocket..i.e. Mayweather Promotions.
5. No! Rich people do not have all of their money as illiquid assets. Any idiot willing to sink anything over 60% of their net worth into anything isn't going to have that wealth very long. The only people that vested in their finances are founders of companies. Floyd is not a founder of anything other than Mayweather Promotions and most of those founders start cashing out at the very minimum during the second round of VC fundraising
6. Yes! Floyd is still very rich and can actually pay this bill just fine but he's going to take a massive hit in doing so. Once people know you are impecunious they will low ball you on the value of your assets. Anything he manages to make any profit on he has to pay tax on that profit as well, that tax is called capital gains tax. The rate for that is 15%. Example you buy a home for 250k and sell for 300k, you have to pay 15% of that 50k you made in addition to the original purchase price.
7. Floyd, Manny, Jones Jr, Trinidad are all in the same boat..zero financially literacy and thus find themselves in the situations they have found themselves in.
8. Now we can all officially stfu about Floyd and his pockets

PS: To those who have seen the term impecunious for the first time just now it means having little to no money or being incapable of paying a debt outright without loan, sale, or exchange.

he OBVIOUSLY has an accountant

did not bother reading the rest

you guys are going FULL ******

[aboutfkntime]

does anyone really think that Floyd does not have an accountant?

[aboutfkntime]

Mayweather earned $ 101,851.85 per second.....

Floyd Mayweather will gross between $220 million and $230 million for his May 2 fight against Manny Pacquiao, but how much will he really make for his welterweight championship victory?

..... tax accountant Robert Raiola of O'Connor Davies estimates that as a Nevada resident, and obviously in the highest tax bracket on the federal level, $88.9 million in taxes will come out. That assumes that he deducts five percent of that $220 million ($11 million) on fees such as training costs. That would leave him a net of $131 million before paying out his employees.

Because Mayweather owns his own business in Mayweather Promotions, he's not paying the same promotion fees that Pacquiao has to pay to Top Rank CEO Bob Arum and Top Rank itself, which will likely come out to tens of millions of dollars. Mayweather can also attribute business expenses generally associated with Mayweather Promotions to further deduct expenses from his gross total. Although there is no limit on deductions, they have to be considered reasonable according to Internal Revenue Service standards.

Mayweather also likely generated millions of dollars in merchandising. Hats in the MGM Grand hotel lobby cost $50 and up, and the store was mobbed on fight weekend. While there were items with both Mayweather and Pacquiao, the majority of sales were for Mayweather "The Money Team" items.

Mayweather has filed for more trademarks than any athlete in history. He owns 16 trademarks and has more than 120 trademark applications pending.

Taxes and fees aside, it's an unprecedented payout. Based on the total time of fighting over 12 rounds, Mayweather earned $6,111,111.11 a minute, which breaks down to $101,851.85 a second. In an effort to put $220 million into perspective, consider the following list as a way to wrap your mind around it.

Mayweather's payout figure ...

• Exceeds value of at least three NHL franchises, according to Forbes -- the Carolina Hurricanes, Columbus Blue Jackets and Florida Panthers.

• Exceeds the current payroll of every team in the NFL, NBA, NHL and MLB, with the exception of the Los Angeles Dodgers.

• Is more than seven times the highest salary in MLB this season -- which belongs to Dodgers pitcher Clayton Kershaw.

• Is more than all but seven of the richest playing contracts in North American sports history.

• Exceeds the construction and renovation costs of at least three -- and possibly as many as seven -- stadiums used for the 2014 World Cup in Brazil.

• Exceeds the gross domestic product of Kiribati, an island nation in the Pacific with a population of more than 100,000.

• Is nearly $100 million more than what Michael Jordan earned in salary over his playing career (adjusted for inflation).

• Is more than seven times the amount the New York Mets will pay former player Bobby Bonilla in deferred compensation from 2011 to 2035.

• Exceeds the U.S. box office gross of all but 10 motion pictures in 2014.

• Is more than four times the amount the Grateful Dead will gross in ticket sales for its five reunion concerts this year.

All that for 36 minutes of labor.





he broke doe

nothing liquid doe

will be fighting for peanuts doe

[boxinggod101]

Floyd Mayweather will gross between $220 million and $230 million for his May 2 fight against Manny Pacquiao, but how much will he really make for his welterweight championship victory?

..... tax accountant Robert Raiola of O'Connor Davies estimates that as a Nevada resident, and obviously in the highest tax bracket on the federal level, $88.9 million in taxes will come out. That assumes that he deducts five percent of that $220 million ($11 million) on fees such as training costs. That would leave him a net of $131 million before paying out his employees.

Because Mayweather owns his own business in Mayweather Promotions, he's not paying the same promotion fees that Pacquiao has to pay to Top Rank CEO Bob Arum and Top Rank itself, which will likely come out to tens of millions of dollars. Mayweather can also attribute business expenses generally associated with Mayweather Promotions to further deduct expenses from his gross total. Although there is no limit on deductions, they have to be considered reasonable according to Internal Revenue Service standards.

Mayweather also likely generated millions of dollars in merchandising. Hats in the MGM Grand hotel lobby cost $50 and up, and the store was mobbed on fight weekend. While there were items with both Mayweather and Pacquiao, the majority of sales were for Mayweather "The Money Team" items.

Mayweather has filed for more trademarks than any athlete in history. He owns 16 trademarks and has more than 120 trademark applications pending.

Taxes and fees aside, it's an unprecedented payout. Based on the total time of fighting over 12 rounds, Mayweather earned $6,111,111.11 a minute, which breaks down to $101,851.85 a second. In an effort to put $220 million into perspective, consider the following list as a way to wrap your mind around it.

Mayweather's payout figure ...

• Exceeds value of at least three NHL franchises, according to Forbes -- the Carolina Hurricanes, Columbus Blue Jackets and Florida Panthers.

• Exceeds the current payroll of every team in the NFL, NBA, NHL and MLB, with the exception of the Los Angeles Dodgers.

• Is more than seven times the highest salary in MLB this season -- which belongs to Dodgers pitcher Clayton Kershaw.

• Is more than all but seven of the richest playing contracts in North American sports history.

• Exceeds the construction and renovation costs of at least three -- and possibly as many as seven -- stadiums used for the 2014 World Cup in Brazil.

• Exceeds the gross domestic product of Kiribati, an island nation in the Pacific with a population of more than 100,000.

• Is nearly $100 million more than what Michael Jordan earned in salary over his playing career (adjusted for inflation).

• Is more than seven times the amount the New York Mets will pay former player Bobby Bonilla in deferred compensation from 2011 to 2035.

• Exceeds the U.S. box office gross of all but 10 motion pictures in 2014.

• Is more than four times the amount the Grateful Dead will gross in ticket sales for its five reunion concerts this year.

All that for 36 minutes of labor.





he broke doe

nothing liquid doe

will be fighting for peanuts doe

Congrats u made ur research. Floyd will be proud

[ironmt]

The same people taking offense and defending Floyd's tax Issues are the same ones that made fun of Pacquiao with his tax Issues. Ironic Isn't It?

[Humean]

Mayweather will probably not have a pot to piss in within a decade.

[boxinggod101]

The same people taking offense and defending Floyd's tax Issues are the same ones that made fun of Pacquiao with his tax Issues. Ionic Isn't It?

They'll say it's not the same bla bla bla... Manny isn't a US citizen... He owns TONS of businesses in the PI.

Both of them ain't broke but its funny to see groupies flip flop lol

[elfag]

don't be ridiculous

Floyd obviously has an accountant

that idiot Mayweather does have the brains to pick up the phone-book and ring an accountant

an accountant who has likely given him the best advice

1) Floyd has received interest on that money for the last 11 years

2) he will receive a deduction

2) there is NO penalty for late payment

3) you can do this EVERY single year..... the IRS will only act against you if you fail to communicate with them

like others have said, this is likely the smart route for a multi-millionaire

Theres penalties for normal folk, his lawyers just managed to negotiate no late fees with the IRS.

I would rather do it right the first time than pay for lawyers to sort it out years later, lawyers arent free so in the end I dont know if its worth it all. It is nice to know where you stand financially instead of having all these backlogs of taxes, then you get into spending money you dont have which buying million dollar bugattis is a good way to do that.

he OBVIOUSLY has an accountant

did not bother reading the rest

you guys are going FULL ******

does anyone really think that Floyd does not have an accountant?

Im pretty sure MC hammer had accountants too, didnt stop him from going broke.

Pacquaio has accountants too, Arum hires them.

[boxinggod101]

Mayweather will probably not have a pot to piss in within a decade.

Be serious a little my man... Don't let his dumb fanbase and ur hate for Floyd fool u...