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Discussion Starter · #1 ·
While The Money Team may have money, apparently it isn’t always easily accessible.

Early this morning, Bloody Elbow learned that a Floyd J. Mayweather recently filed a lawsuit in U.S. Tax Court against the U.S. Internal Revenue Service (IRS).

In past experiences, U.S. Tax Court documents have not been electronically available and have taken more than a week to obtain. But when boxing’s all-time great is the apparent principal, things move quickly.

David Greisman of BoxingScene.com reports that Mayweather still owes federal taxes for 2015 and is petitioning the U.S. Tax Court for an installment agreement, specifically citing what appears to be his scheduled Aug. 26 clash with MMA superstar Conor McGregor as a “significant liquidity event” from which he intends to pay the remaining balance.

Boxing Scene cites a Law360 report describing the apparent dispute between Mayweather and the IRS. “The agency said that Mayweather had various options available … including by selling property, withdrawing cash from other accounts or taking out a loan.”

In other words, Mayweather argues he’s too illiquid to immediately pay his 2015 taxes while the IRS believes some of his assets could be converted into cash or Mayweather could take out a loan to pay what he owes.

2015 is the year Mayweather reportedly earned $220-230 million for defeating Manny Pacquiao in what was billed as boxing’s Fight of the Century. Once the McGregor clash takes place towards the end of the summer, Mayweather will now have to pay taxes on a possible $400 million in earnings as well as cover his past IRS debts.
https://www.bloodyelbow.com/2017/7/...r-installment-plan-conor-mcgregor-boxing-news
 

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You're not terribly important to me
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I dont get it, how much would he owe the IRS taxes all time vs his earnings?
 

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of Nazareth
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Conor was right. Mayweather needs him. McGregor is the only fight left that will earn him anywhere near what's required to dig him out of his hole.

You know what I would love to see? Conor saying "Naaa.... ive changed my mind".
 

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Conor was right. Mayweather needs him. McGregor is the only fight left that will earn him anywhere near what's required to dig him out of his hole.

You know what I would love to see? Conor saying "Naaa.... ive changed my mind".
If so I think Nate Diaz would be a good replacement.
 

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Well now we know why Floyd truly wanted this fight. Not that it's a big deal, this is why people fight - money. It's why DC is fighting Jones, it's why GSP wants to come back (lol), it's why Anderson is still fighting at all, and it's why Conor and Floyd fight. It's all about the green.
 

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The Title Guy
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Yeah except I don't think GSP needs said money to pay off taxes he owes to Canada. Though I don't think he has ever lived an EXTREMELY lavish lifestyle. That is the problem with Floyd is that he's lived a lavish lifestyle with his hundreds of millions of dollars he's earned over his lifetime.
 

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The Title Guy
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Yeah it's crazy how this is what he owes in taxes. And people say the rich don't pay their share.
 

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Discussion Starter · #9 ·
That's not even the big tax bill.

The big one is the 40% estate tax (death tax) multi millionaires pay. Half of your net worth when you die.

So you can't pass generational wealth on to your kids.
 

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The Title Guy
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Well let's face it, living off of a family inheritance is an outdated concept and people should make their own way in the world. Though that is kind of stupid to be sure. Have things changed since those generational dynasties lived off of family wealth for generations.
 

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Discussion Starter · #11 ·
I think Floyd retired 3 times.

Filed for bankruptcy 2 or 3 times.

Was forced to return to boxing to pay his bills and taxes.

I don't say this to put anyone down. I only hope people and myself learn from these examples.
 

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The Title Guy
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Floyd's problem is that he doesn't spend his money wisely and also doesn't have a good accountant telling him how much to save, what he should be investing in and what to set aside and pay to the government in taxes. Instead he blows it all and gets in the situation he's in having to pay back taxes.
 

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Discussion Starter · #13 ·
1099-misc form is such nonsense to be honest. All this tax reporting as a whole is a complete nonsense.

Lots of people renounced american citizenship.

To pursue citizenship in puerto rico.

Where they pay only 4% income tax.

And don't have all of the crazy tax and financial reporting the US demands.

...

Wasn't Floyd saying he's "set for life" only a few months back.

This thread is what comes to mind when he says that.
 

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The Title Guy
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"Renouncing American citizenship to go to Puerto Rico" is an oxymoron because Puerto Ricans are American citizens since it's a UFC territory. I think what you are meaning to say is that people are establishing residency in Puerto Rico where yeah they only have a 4% residency. But yeah Floyd has bad money management which is why he's having issues
 

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Discussion Starter · #15 ·
AFAIK renouncing US citizenship isn't cheap. The cost to become a citizen of an island in the caribbean can cost around $100,000 is the number I heard quoted. (Not certain on puerto rico citizenship costs)

US territories are very different from being bona fide US states.

There are record numbers of americans renouncing US citizenship. Due to them disagreeing with things the US government is doing in afghanistan and disagreeing with many policies put forward by the gov.

There are many ex world champion boxers, fighters and athletes who are homeless now living on the streets. Many fighters have bad management. Its an under reported story for sure.
 
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