Floyd mayweather asks IRS for reprieve for 2015 taxes

 
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WindyCityLakerFan
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PostPosted: Mon Jul 10, 2017 8:17 am    Post subject: Floyd mayweather asks IRS for reprieve for 2015 taxes

http://www.espn.com/boxing/story/_/id/19952963/floyd-mayweather-leans-conor-mcgregor-bout-tax-petition-asks-irs-temporary-reprieve
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PostPosted: Mon Jul 10, 2017 9:15 am    Post subject: Re: Floyd mayweather asks IRS for reprieve for 2015 taxes

WindyCityLakerFan wrote:
http://www.espn.com/boxing/story/_/id/19952963/floyd-mayweather-leans-conor-mcgregor-bout-tax-petition-asks-irs-temporary-reprieve
With the money he has earned throughout his career, he should be able to pay his taxes on the spot. I don't get how athletes get into tax troubles all the time. Money earned, deduct your taxes. It's not difficult especially if you have accountants handling your filings.
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PostPosted: Mon Jul 10, 2017 9:31 am    Post subject:

The IRS is one mother-(bleep) you aren't going to be able to dodge (bleep).
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PostPosted: Mon Jul 10, 2017 9:38 am    Post subject:

This is why I almost expected him return to the ring sooner or later. Even with the massive Pacman payout it would be a matter of time before he needed another big pay day with how he spends through money.
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PostPosted: Mon Jul 10, 2017 9:44 am    Post subject:

I'm disappointed in MoneyMay. He should know Sam is also undefeated. He's gonna be 49 and 1 if he goes in against him. Pay Da Man MT. If you don't he's gonna take it.
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PostPosted: Mon Jul 10, 2017 9:56 am    Post subject:

jodeke wrote:
I'm disappointed in MoneyMay. He should know Sam is also undefeated. He's gonna be 49 and 1 if he goes in against him. Pay Da Man MT. If you don't he's gonna take it.


. He reportedly got 220 million from the manny fight and 32 million from the berto fight in 2015. This is 2017 and the juice has still been running at 7.5 percent. Whatever he gets from the mcgregor fight has to pay that off and he has to pay the taxes on the mcgregor fight.
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PostPosted: Mon Jul 10, 2017 10:00 am    Post subject: Re: Floyd mayweather asks IRS for reprieve for 2015 taxes

Vancouver Fan wrote:
WindyCityLakerFan wrote:
http://www.espn.com/boxing/story/_/id/19952963/floyd-mayweather-leans-conor-mcgregor-bout-tax-petition-asks-irs-temporary-reprieve
With the money he has earned throughout his career, he should be able to pay his taxes on the spot. I don't get how athletes get into tax troubles all the time. Money earned, deduct your taxes. It's not difficult especially if you have accountants handling your filings.


I would understand it if he used the money to invest in something with large return on investment but just not paying and paying interest at 7.5 percent when you could have just paid from the beginning doesn't make sense.
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PostPosted: Mon Jul 10, 2017 10:27 am    Post subject:

Bound to happened. With the luxurious spending and entourage, it was only mater of time. Next, he'll filed for bankruptcy.
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PostPosted: Mon Jul 10, 2017 10:43 am    Post subject:

Conker wrote:
Bound to happened. With the luxurious spending and entourage, it was only mater of time. Next, he'll filed for bankruptcy.

Bankruptcy won't relieve a IRS debt. I don't think they'll give him a reprive. He hasn't given any reason for them to believe he'll settle his debt. They're going to get all owed from the McGregor fight.

If he's smart he'll hire a accountant firm to kept his taxes in line. He's still making money with his promotions.
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PostPosted: Mon Jul 10, 2017 12:10 pm    Post subject:

Smart move. He may be able to make installment payments. In the end the IRS will get what's owed. Mayweather 49 and 0. IRS 4 million and 0. (Exaggeration)

Mayweather Sues IRS To Await McGregor Fight To Pay His 2015 Taxes

LINK
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PostPosted: Mon Jul 10, 2017 2:14 pm    Post subject:

WindyCityLakerFan wrote:
jodeke wrote:
I'm disappointed in MoneyMay. He should know Sam is also undefeated. He's gonna be 49 and 1 if he goes in against him. Pay Da Man MT. If you don't he's gonna take it.


. He reportedly got 220 million from the manny fight and 32 million from the berto fight in 2015. This is 2017 and the juice has still been running at 7.5 percent. Whatever he gets from the mcgregor fight has to pay that off and he has to pay the taxes on the mcgregor fight.


say he nets $30M.

Hot damn dude; throw that in a freaking investment account, fight Canelo one more time next may and net another $50M.. if you cant live the rest of your life on $80M, you got bigger problems.
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PostPosted: Mon Jul 10, 2017 3:50 pm    Post subject:

marga86 wrote:
WindyCityLakerFan wrote:
jodeke wrote:
I'm disappointed in MoneyMay. He should know Sam is also undefeated. He's gonna be 49 and 1 if he goes in against him. Pay Da Man MT. If you don't he's gonna take it.


. He reportedly got 220 million from the manny fight and 32 million from the berto fight in 2015. This is 2017 and the juice has still been running at 7.5 percent. Whatever he gets from the mcgregor fight has to pay that off and he has to pay the taxes on the mcgregor fight.


say he nets $30M.

Hot damn dude; throw that in a freaking investment account, fight Canelo one more time next may and net another $50M.. if you cant live the rest of your life on $80M, you got bigger problems.


What makes you think Canelo is gonna get by GGG?
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PostPosted: Mon Jul 10, 2017 4:02 pm    Post subject:

Take his cars...
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PostPosted: Mon Jul 10, 2017 4:20 pm    Post subject:

unleasHell wrote:
Take his cars...

They would get around 6 million. How much does he owe?
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PostPosted: Tue Jul 11, 2017 10:20 am    Post subject:

jodeke wrote:
unleasHell wrote:
Take his cars...

They would get around 6 million. How much does he owe?
Probably something north of 80-90 million if he paid no taxes that year. It's being reported it could be up to 100 mil. What an idiot.
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PostPosted: Tue Jul 11, 2017 10:27 am    Post subject:

Vancouver Fan wrote:
jodeke wrote:
unleasHell wrote:
Take his cars...

They would get around 6 million. How much does he owe?
Probably something north of 80-90 million if he paid no taxes that year. It's being reported it could be up to 100 mil. What an idiot.


Probably a big reason why he came out of retirement for this awful fight. He needed to pay his IRS tax bill....he on the highest IRS tax bracket so I would imagine his obligations to the IRS are massive.
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PostPosted: Tue Jul 11, 2017 10:38 am    Post subject:

jodeke wrote:
Smart move. He may be able to make installment payments. In the end the IRS will get what's owed. Mayweather 49 and 0. IRS 4 million and 0. (Exaggeration)

Mayweather Sues IRS To Await McGregor Fight To Pay His 2015 Taxes

LINK


I would imagine the IRS would have to accept waiting a month or two versus setting up operations to seize his assets and properties to pay off his tax obligations. I don't think he has enough cash on hand to pay the IRS, its all tied up in investments and properties.
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PostPosted: Tue Jul 11, 2017 10:53 am    Post subject:

Vancouver Fan wrote:
jodeke wrote:
unleasHell wrote:
Take his cars...

They would get around 6 million. How much does he owe?
Probably something north of 80-90 million if he paid no taxes that year. It's being reported it could be up to 100 mil. What an idiot.


Correct me if I'm wrong but 252 million at highest tax bracket of 39.6 percent is almost 100 million not including the interest.
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PostPosted: Tue Jul 11, 2017 10:57 am    Post subject:

WindyCityLakerFan wrote:
Vancouver Fan wrote:
jodeke wrote:
unleasHell wrote:
Take his cars...

They would get around 6 million. How much does he owe?
Probably something north of 80-90 million if he paid no taxes that year. It's being reported it could be up to 100 mil. What an idiot.


Correct me if I'm wrong but 252 million at highest tax bracket of 39.6 percent is almost 100 million not including the interest.
Simplified. Yes. I'm not knowledgeable enough to know US tax system or the deductions he may have.
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PostPosted: Tue Jul 11, 2017 11:13 am    Post subject:

Vancouver Fan wrote:
WindyCityLakerFan wrote:
Vancouver Fan wrote:
jodeke wrote:
unleasHell wrote:
Take his cars...

They would get around 6 million. How much does he owe?
Probably something north of 80-90 million if he paid no taxes that year. It's being reported it could be up to 100 mil. What an idiot.


Correct me if I'm wrong but 252 million at highest tax bracket of 39.6 percent is almost 100 million not including the interest.
Simplified. Yes. I'm not knowledgeable enough to know US tax system or the deductions he may have.


He has his own company, most businesses in US (lawyer/accountant correct me if i'm wrong) have inhouse accounting team that write off all the deductions. These businesses effective tax rate is 0% - 15%
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PostPosted: Tue Jul 11, 2017 1:30 pm    Post subject:

jodeke wrote:
marga86 wrote:
WindyCityLakerFan wrote:
jodeke wrote:
I'm disappointed in MoneyMay. He should know Sam is also undefeated. He's gonna be 49 and 1 if he goes in against him. Pay Da Man MT. If you don't he's gonna take it.


. He reportedly got 220 million from the manny fight and 32 million from the berto fight in 2015. This is 2017 and the juice has still been running at 7.5 percent. Whatever he gets from the mcgregor fight has to pay that off and he has to pay the taxes on the mcgregor fight.


say he nets $30M.

Hot damn dude; throw that in a freaking investment account, fight Canelo one more time next may and net another $50M.. if you cant live the rest of your life on $80M, you got bigger problems.


What makes you think Canelo is gonna get by GGG?


Nothing, all canelo needs to do is look competitive vs GGG.

I do think canelo will win, but that's beyond the point.

Last thing i'll add is that i think Canelo has looked better and better in each of his last fights ever since he fought floyd. Better movement, improved defense, etc. He has really matured as a boxer in my opinion. GGG is still a monster though, i wouldnt put my money on canelo, just going with my gut.
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lakersken80
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PostPosted: Tue Jul 11, 2017 3:47 pm    Post subject:

Owes the IRS $22.2 million in taxes from 2015.
http://www.espn.com/boxing/story/_/id/19965730/floyd-mayweather-owes-222m-2015-taxes-according-irs-lien
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PostPosted: Tue Jul 11, 2017 4:58 pm    Post subject:

lakersken80 wrote:
Owes the IRS $22.2 million in taxes from 2015.
http://www.espn.com/boxing/story/_/id/19965730/floyd-mayweather-owes-222m-2015-taxes-according-irs-lien


He paid 26 million in 2015. That's the balance due
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PostPosted: Tue Jul 11, 2017 5:45 pm    Post subject: Re: Floyd mayweather asks IRS for reprieve for 2015 taxes

Vancouver Fan wrote:
WindyCityLakerFan wrote:
http://www.espn.com/boxing/story/_/id/19952963/floyd-mayweather-leans-conor-mcgregor-bout-tax-petition-asks-irs-temporary-reprieve
With the money he has earned throughout his career, he should be able to pay his taxes on the spot. I don't get how athletes get into tax troubles all the time. Money earned, deduct your taxes. It's not difficult especially if you have accountants handling your filings.


Same reason other people run in to tax trouble. They don't set aside a percentage of earnings for taxes. I doubt when he gets paid he has taxes withheld like a normal paycheck.
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