Floyd Mayweather Asks IRS for Temporary Reprieve on Tax Bill, Says He’ll Be Flush After Conor McGregor Fight
Posted on: July 10, 2017, 12:00h.
Last updated on: July 10, 2017, 11:13h.
Floyd Mayweather still hasn’t paid his tax bill from 2015, and last week the boxing great asked the Internal Revenue Service (IRS) for just a little more time in making good with the federal government.
In a petition filed on July 5, attorneys for Mayweather say the 49-0 boxer will send in his tax check after his bout against UFC star Conor McGregor next month in Las Vegas. Mayweather and McGregor’s August 26 fight at T-Mobile Arena in Las Vegas is expected to generate over $600 million in revenue. Floyd stands to make upwards of $200 million.
The GOAT is the heavy favorite at -750 to beat McGregor. The Westgate SuperBook has McGregor as the long underdog at +500.
Mayweather’s lawyers are looking for a temporary reprieve in paying the outstanding 2015 bill.
“Although Mayweather has substantial assets, those assets are restricted and primarily liquefied,” Floyd’s reps said in legal jargon. “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.”
In addition to asking for a delay, Mayweather is also seeking the IRS to rid a late payment penalty from the bill.
While there’s no word out of the IRS on whether it will approve the reprieve, the federal agency might be losing patience when it comes to Mayweather.
The boxing superstar has paid his taxes late on several occasions in the past. According to Forbes, he settled a $6.17 million lien in 2007, and in 2011 he owed $3.4 million in back taxes.
Floyd also apparently had plenty of cash on hand last month when he opened a 6,000-square-foot strip club in Las Vegas. Called the “Girl Collection,” the real estate was listed for sale at $2.9 million in 2016 before Mayweather bought the property.
He also had plenty of money in May when he loaded a cart full of cash into his car and posted the video to his social media channels. He’s also routinely shared images flying on his private jet with piles of 100s in his lap.
But when it comes to paying the taxman, Money Mayweather presents a much different story than the one he shows to his followers. Forbes says Mayweather has made upwards of $700 million during his undefeated career, but lists his net worth at just $340 million.
Mayweather is notorious for placing substantial bets on sports. He often flaunts his wins, but never his losses.
It’s unclear exactly how much Mayweather owes the IRS. The tax penalty for late payments is 0.5 percent for each month, meaning he should be looking at a 7.5 percent surcharge on whatever he owes.
It’s likely a lot, as 2015 was a mega year for “Money.” His fight against Manny Pacquiao was billed as the “Fight of the Century,” and despite the clash failing to live up to the hype, Mayweather still took home $220 million from the event.