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Mayweather requests tax reprieve until fight payout comes through

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Never one to shy away from controversy, undefeated champion boxer Floyd Mayweather Jr., filed a reprieve with the Internal Revenue Service (IRS) to settle his tax debt. In a letter to the IRS, Mayweather, 40, asked that he be allowed to delay his tax liability dating back to 2015 until post Aug. 26, the date his highly-anticipated fight against mixed martial artist Conor McGregor is scheduled.

What’s the petition say?

In a U.S Tax Court petition filed on July 5, Mayweather’s wealth is brought to the table stating, “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.”

It is important to note, this is not the first time the IRS has come knocking on Mayweather’s door. The tax lien filed for the 2015 debts is one in a series of liens over the course of the last 10 years.

Mayweather’s money situation

In the federal tax lien filed by the IRS in April, it’s reported Mayweather owes $22.2 million in back taxes. Though $22.2 million may seem significant to the average Joe, Mayweather is one of the highest paid athletes worldwide, meaning he probably doesn’t need to wait for the payout from the impending fight to wipe his debts.

Forbes reported the boxer has received nearly $700 million for a total of 49 fights throughout the course of his career. And, Mayweather himself is not one to keep hush-hush when it comes to his larger than life spending habits. It is rumored he carries zip-lock bags full of $100 bills, he owns a nearly $300,000 Bentley (and that is just one of the many cars in his fleet) and don’t forget about his G5 personal jet.

What will he gain from the fight?

The undefeated boxer is coming out of retirement to go head-to-head against McGregor in a few weeks. The fight, which will take place in the T-Mobile Arena in Las Vegas, is McGregor’s debut in professional boxing.

What’s the winner’s payout? It may not be the record breaking $200 million Mayweather collected following his win against Manny Pacquiao in 2015; however, Mayweather (who is favored) stands to earn another nine-figure paycheck against McGregor.

Mayweather’s not concerned

With all this buzz around his finances, you’d think Mayweather would be concerned. That is not the case; he has a fight to prepare for. During a promotional stop on Tuesday the boxer said, “I have a tax attorney that takes care of everything, and everything is OK.” He went on to brag about his jets, homes and millions of dollars rolling in each month.

Mayweather did show concern when it comes to his “trash-talking” opponent though. McGregor called out the competition saying Mayweather should pay his taxes. Mayweather’s response? He took to social media announcing he’s already paid Uncle Same $26 million in taxes from 2015. Unfortunately for him, he’s only halfway there.

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