Floyd Mayweather Needs McGregor Fight Money To Pay Off Massive Taxes
It looks like Floyd Mayweather is having trouble paying his tax liability from the year of 2015, and he’s hoping the paycheck from his August 26th fight with Conor McGregor will help solve those problems.
Last week (July 5, 2017) Mayweather filed for a Tax Court petition with the IRS to allow him a reprieve until after the fight (quotes via ESPN):
“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 of money Mayweather owes is not yet known, however, the IRS has argued that the former IBF welterweight champion previously had the funds to pay the taxes immediately, even if it meant selling property or taking out a loan. The petition also asks that the penalty (0.5 percent of the owed taxes for each month failed to pay) be reduced from not paying the taxes from that year.
Mayweather’s taxes are currently 15 months past due, which would mean he has racked up a 7.5 percent charge on top of what he already owes.
It’s reported that “Money” took home 0 million after his fight with Manny Pacquiao in May of 2015, as he even posted a picture of a 0 million check on social media (his guaranteed fight purse from the Pacquiao fight) which didn’t have taxes deducted off it. ESPN reports the check was, in fact, authentic.
Now, Mayweather is set to welcome UFC lightweight champion Conor McGregor to the boxing world on August 26th from the T-Mobile Arena in Las Vegas, Nevada, and is expected to make an amount similar to that of which he made against Pacquiao.
