One of the bigger boxing stories in the last few days, was the fact that former five division world champion Floyd Mayweather filed an appeal with the IRS regarding overdue taxes.
Mayweather filed a tax court petition on July 5, asking the IRS to grant him a reprieve and allow him to pay his taxes after he is paid for next month's bout vs. mixed martial arts star Conor McGregor.
The 40-year-old Mayweather is coming out of retirement to face McGregor on Aug. 26 in a fight that could net the boxer a nine-figure payday.
The IRS wants Mayweather (49-0) to pay his taxes for 2015. Mayweather has earned an estimated $700 million in his career, Forbes magazine reported, including a staggering $220 million from his much-hyped fight against Manny Pacquiao in May 2015.
"Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid," the petition by Mayweather said in a filing posting on Law360.com. "The taxpayer has a significant liquidity event scheduled in about 60 days from which he intends to pay the balance of the 2015 tax liability due and outstanding."
Mayweather, who retired from boxing after defeating Andre Berto in September 2015, took to social media to react to the circulating reports regarding his finances.
"Believe half of what you see and none of what you hear, especially when it comes to media in this country. While everyone is counting my money and assuming the worst, these are the facts... Uncle Sam, received $26,000,000.00 from me in 2015! What else could they possibly want? I'm sure I would have been notified much sooner if there were any real discrepancies right?," Mayweather stated.
"Bottom line, everybody just wants to be a part of the 'Money May' show, including the IRS! That's fine, you can crunch numbers all day but in the end, my empire is rock solid and intact! Now Calculate That!"