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Floyd Mayweather sues IRS for payment extension for unpaid taxes

July 10, 2017  |  Posted by: JammedUp Staff
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Boxing’s pound for pound king Floyd Mayweather (49-0, 26 KO’s) may be gearing up for his historic upcoming showdown with MMA’s top superstar Conor McGregor. There is one other fight looming – against the Internal Revenue Service (IRS).

Although Mayweather has made a total of $700 million in earnings over the course of his boxing career, the undefeated fighter can’t wait till his mega-bout with McGregor to pay an outstanding tax liability.

Attorneys for the boxer filed a court petition declaring he’s unable to pay the balance owed in taxes for the estimated $230 million in income he earned in 2015, following his record-setting victory over Manny Pacquiao.

But, that doesn’t mean we should start calling “Money” Mayweather, “Broke” Mayweather.

According to Sports Illustrated, rather than liquefy assets he maintains with investments and/or real estate properties, Mayweather requested a short-term reprieve to pay the tax debt to Uncle Sam until he collects another huge paycheck from his upcoming blockbuster bout with Conor McGregor.

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The two titans of their respective sports will face off in a 12-round, 154-pound bout on August 26th, which could see Floyd Mayweather earn in excess of $100 million dollars.

Mayweather’s attorneys wrote in the petition filed on July 5th: “Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid. 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 legendary boxer filed the petition on July  5th after the IRS had refused to grant him a short-term payment plan.

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IRS officials argued that Mayweather does not need an extension because he maintains enough assets in accounts and real estate to pay the tax balance.

The exact amount of Mayweather tax bill remains unknown.

The fight between the 40-year-old Mayweather and McGregor would mark the first time he has fought since September 2015 when he earned a 12-round unanimous decision over Andre Berto.

Promo trailer for Floyd Mayweather vs. Connor McGregor

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