7th Highest-Paid Athlete Of All Time Requests Tax Reprieve From The IRS
July 10 / Tanya Ray Fox / SportsGrid
As history's most prolific boxer prepares for yet another nine-figure payday in August, he's already decided what he wants to do with the money: belatedly comply with the law! According to ESPN's Darren Rovell, Floyd Mayweather recently filed a Tax Court petition asking the IRS to repreieve him of his 2015 tax liability until after he is paid for this impending fight with MMA champion Conor McGregor.
"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."
The amount that Mayweather owes is unknown, but Rovell cited the Law360 report as explaining that the IRS has previously argued that the 40-year-old boxer had the resources to pay it immediately- even if it meant selling property or taking out a loan.
The petition also asks to reduce the penalty Mayweather received from not paying all of his taxes for the year.
It's almost impossible to believe that he hasn't had the ability to make that payment. He may have had to liquidate assets through sale, but a man with the kind of career earnings that Mayweather has certainly can't argue that he needs a $100 million-plus payday in order to pay his taxes. He admitted on television that he has $15 million-worth of cars that he doesn't even drive.
In December of 2016, Forbes listed Mayweather as the seventh-highest paid athlete of all time with career earnings of $765 million, which includes the approximately $220 million he earned from his May 2, 2015 fight with Manny Pacquiao. As Rovell noted in his report, Mayweather at the time shared on social media a photo of his guaranteed $100 million purse from the fight, which was untaxed. Sources confirmed at the time that the check was genuine, so his issues likely stem from that exorbitant pay day.
Mayweather is expected to make a similar amount for the McGregor fight, which begs the question: if he pays of 2015's taxes with that money, how will he then pay the new taxes incurred for this year's equally outrageous earnings?
I suggest quarterly payments. Then again, I'm just a middle-class freelance writer who actually has to pay my taxes, so what do I know?!
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