Floyd Mayweather owes the IRS millions of dollars due to unpaid taxes from 2015. According to ESPN’s Darren Rovell, Mayweather filed a petition asking the IRS to wait until he fights Conor McGregor and collects his pay check from the fight so that he can pay his 2015 tax debt.
“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid,” the petition said, according to the legal website Law360. “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.”
It is not known how much money Mayweather owes, but the IRS had previously argued that Mayweather had the resources to pay it immediately, even if it meant selling property or taking out a loan, Law360 reported.
Mayweather made about $220 million from his fight with Manny Pacquiao on May 2, 2015. Mayweather shared on social media a photo of a $100 million check — his guaranteed purse from the fight — which did not have taxes deducted from it. Sources confirmed at the time that the check was indeed genuine.
Mayweather is going to make a butt load of money against McGregor but a good portion of the projected $200 million that he’s making is going directly into the IRS’s pockets.
The petition also asks to reduce the penalty Mayweather received from not paying all of his taxes for the year.
The failure-to-pay penalty is typically 0.5 percent of the owed taxes for each month, according to the IRS website. Mayweather’s 2015 taxes are currently 15 months past due, which would equal a 7.5 percent charge on top of what is owed.
Hopefully Mayweather pays all of his taxes this time around so he doesn’t have to come out of retirement in a few years.
[H/T The Big Lead]