Floyd Mayweather Petitions To Use Conor McGregor Fight To Pay Off 2015 Tax Bill

Floyd Mayweather is asking the IRS to hold off from punishing him for past due tax payments. (Photo by Ethan Miller/Getty Images)

Floyd Mayweather has filed a petition with the U.S. Tax Court seeking a postponement of action based on unpaid 2015 liabilities until an upcoming fight takes place. That vaguely referenced fight will be a boxing match against UFC fighter Conor McGregor.It is expected that the two superstars could generate over $600 million in revenue from ticket sales, pay-per-view sales, merchandise sales and other categories.

Mayweather, in his petition, claims to have the money to pay off the IRS debt, but says he needs until the August fight against McGregor to meet the liability.

“Although [Mayweather] has substantial assets, those assets are restricted and primarily illiquid,” states the petition. “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 petition was filed on July 5. In the petition, Mayweather also asks that the IRS scrap a failure-to-pay penalty, but Mayweather may have difficulty persuading the U.S. Tax Court after years of falling behind on making payments coupled with the IRS’ position that Mayweather currently has the assets to become current, but merely chooses to wait until what he knows to be a major upcoming payday.




Mayweather previously settled a $6.17 million lien from his 2007 tax return. He used the money he made from fighting Juan Manuel Marquez in 2009 to pay off the debt. Sounds familiar?

In 2011, the IRS said that Mayweather owed another $3.4 million in past due taxes.

Mayweather may want to keep pushing off his responsibilities, and the U.S. Tax Court may not be willing to wait past the McGregor fight for payment it believes can be made in advance. At this time, no response to the petition has been filed.

Source:www.forbes.com