Posts Tagged ‘IRS’

Spike TV's "Guys Choice 2015" - Arrivals

Floyd Mayweather is in the IRS’ good books again.

The retired boxer paid $23.5 million to the IRS just days after his Aug. 26 win over Conor McGregor to settle an outstanding tax liability from 2015, according to Bryan Koenig of Law360. Both parties filed a joint motion in U.S. Tax Court to dismiss the payment dispute in September.

While he’s off the hook for the 2015 tax lien, Koenig notes that a lightly redacted account transcript states Mayweather had a late-payment interest charge of more than $551,000 and a $1.2-million late-payment penalty assessed against him on Sept. 25.

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Floyd Mayweather

Floyd Mayweather appears to have unfinished business with the IRS after all.

The undefeated boxer is facing a $22-million tax lien filed March 6, according to documents obtained by Gilbert Manzano of the Las Vegas Review-Journal.

“Money” filed a tax court petition for a reprieve on back taxes from 2015 on July 5, citing insufficient liquidity, and reportedly claimed he’d be able to square away the debt in 60 days, by which time he’ll have locked horns with Conor McGregor in a fight expected to net him north of $100 million.

The 40-year-old has also requested a Collection Due Process Hearing, meant for one to explain why their debt can’t be paid or to contest any taxes owed. Such hearings can reportedly take upward of 60 days to book.

Mayweather has since responded to reports of his tax woes by maintaining he paid $26 million in taxes in 2015, a year in which he pocketed $250 million for a superfight with Manny Pacquiao that sold more than 4.5 million pay-per-views.

The pugilist meets McGregor in a 12-round boxing match Aug. 26 at Las Vegas’ T-Mobile Arena.

Courtesy of the Associated Press:

DETROIT (AP) — The estate of former Detroit Pistons owner Bill Davidson is challenging the government in U.S. Tax Court over billions of dollars claimed by the IRS.

The Detroit Free Press says the Internal Revenue Service objects to how Davidson’s accountants valued stock in his company, Guardian Industries, which makes glass and parts for the auto industry.

Other issues include tens of millions of dollars given to Davidson’s wife and money used to help her daughter build a home. The newspaper says the IRS is seeking about $2 billion or more in estate taxes. The agency declined to comment. Davidson’s estate challenged the IRS last week in a filing in U.S. Tax Court.

Davidson died in 2009 at age 86.