Floyd Mayweather Jr. owes federal taxes for 2015, but while he says he has more than enough money to pay them, he doesn’t quite have enough cash.
Yet.
Mayweather has filed a petition with the United States Tax Court saying much of his money is tied up and cannot be easily converted into cash, and asking for a short-term installment agreement allowing him more time to get the cash, according to Bryan Koenig of Law360. (Paul Gift of BloodyElbow.com also tweeted about the filing.)
That cash would come when he faces mixed martial arts superstar Conor McGregor in a pay-per-view boxing match on Aug. 26.
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“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid,” Mayweather’s filing said, according to the Law360 report. “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 filing also asks the government to waive a penalty for failing to pay.
The government, meanwhile, argues that Mayweather has the ability to pay his taxes in full or part.
“The agency said that Mayweather had various options available … including by selling property, withdrawing cash from other accounts or taking out a loan,” the Law360 report said.
Mayweather’s gone back and forth with the IRS over the years. The agency filed a $6.17 million lien on Mayweather in 2008 for his 2007 taxes, according to a 2009 report in the Grand Rapids Press.
Mayweather ended up settling that for around $5 million, but in 2011 the IRS said the fighter owed $3.4 million in taxes incurred in 2009 and due in 2010, according to a report at the time in the Grand Rapids Press.
He also had to pay off liens the IRS filed against him in 2001, 2003, 2005 and 2006, according to an Associated Press report in 2009.
Just last year, the U.S. Tax Court entered a decision on income taxes due dating back a decade ago:
“Pursuant to the agreement of the parties in this case, it is ordered and decided that there is a deficiency in income tax due from petitioner for the taxable year 2006 in the amount of $1,627,563.00; and that there is no penalty due from petitioner for the taxable year 2006.”
Yet.
Mayweather has filed a petition with the United States Tax Court saying much of his money is tied up and cannot be easily converted into cash, and asking for a short-term installment agreement allowing him more time to get the cash, according to Bryan Koenig of Law360. (Paul Gift of BloodyElbow.com also tweeted about the filing.)
That cash would come when he faces mixed martial arts superstar Conor McGregor in a pay-per-view boxing match on Aug. 26.
“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid,” Mayweather’s filing said, according to the Law360 report. “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 filing also asks the government to waive a penalty for failing to pay.
The government, meanwhile, argues that Mayweather has the ability to pay his taxes in full or part.
“The agency said that Mayweather had various options available … including by selling property, withdrawing cash from other accounts or taking out a loan,” the Law360 report said.
Mayweather’s gone back and forth with the IRS over the years. The agency filed a $6.17 million lien on Mayweather in 2008 for his 2007 taxes, according to a 2009 report in the Grand Rapids Press.
Mayweather ended up settling that for around $5 million, but in 2011 the IRS said the fighter owed $3.4 million in taxes incurred in 2009 and due in 2010, according to a report at the time in the Grand Rapids Press.
He also had to pay off liens the IRS filed against him in 2001, 2003, 2005 and 2006, according to an Associated Press report in 2009.
Just last year, the U.S. Tax Court entered a decision on income taxes due dating back a decade ago:
“Pursuant to the agreement of the parties in this case, it is ordered and decided that there is a deficiency in income tax due from petitioner for the taxable year 2006 in the amount of $1,627,563.00; and that there is no penalty due from petitioner for the taxable year 2006.”
