Not only does Floyd Mayweather Jr. want a monster payday from his super fight with Conor McGregor, it appears that he needs it.
According to ESPN’s Darren Rovell, Mayweather has stated that he can’t pay off his 2015 tax liability until after he gets paid from the McGregor bout. As a result, the legendary boxer has filed a Tax Court petition asking the IRS to allow him a reprieve until after the Aug. 26 match.
“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.”
Rovell also explained that while it’s unknown how much money Mayweather owes, the IRS had previously argued that he was capable of paying it off immediately, via routes such as selling property or taking out a loan.
The petition also asked to reduce the penalty imposed on Mayweather for failing to pay all of his taxes for the year. According to the IRS website, the failure-to-pay penalty typically is 0.5 percent of the owed taxes for each month. Given that Mayweather’s 2015 taxes are 15 months past due, he’d be faced with a 7.5 percent charge on top of what is due.
Mayweather raked in a whopping $220 million from his May 2015 fight with Manny Pacquiao, and he’s expected to collect a similar amount against McGregor.
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