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IRS Interested in the Mayweather Fight?

Tuesday, June 16, 2015
For all the boxing fans out there, the big Floyd Mayweather vs. Manny Pacquiao fight was on May 2nd in Las Vegas. 
One of the world’s highest paid athletes, who collect a combined $100 million.  The IRS will too.  This is because it is a big ticket item pay-per-view will be collecting approximately $300 million from viewers, ticket sales will raise just over $70 million and over $30 million from broadcasting internationally.  In addition, there is sponsorship and endorsement monies as well as sales from merchandise.  This is the big show, folks.

The winner received considerable revenue.   he will earn $10.2 million and the loser will receive $9.8 million.  Not too shabby, eh?
Pacquiao, from Macau which is a low-tax territory, will face the IRS in the ring whether he wins or loses.  He receives millions in endorsements from companies like Sony, Nestle, Hewlett-Packard, Monster Energy, Nike, Foot Locker and Wonderful Pistachio.  His earnings are well over $300 million. Mayweather doesn’t have as many endorsements, but has earned over $25 million for his last ten fights.
What’s the point you ask? Well the IRS will be wanting its share of taxes. 

Pacquiao is not a resident of the U.S. so he doesn’t pay the IRS for his earnings outside the U.S. As he is from the Philippines, their tax authorities also want their share.  A two-country treaty protects Pacquaio’s money from being taxed twice.  Also, Pac    quaio has a past tax evasion case which keeps the tax authorities interested in his earnings.  The IRS has issued a tax lien to Pacquaio in the amount of $18.3 million for unpaid taxes.  This tax lien will put a hold on his real estate, income, assets, personal property, etc.

The best athletes in the world have to follow the rules of the game too, just like everyone else. The IRS will take the share they are due.  The IRS will not put up with tax evasion and they will take action.
If you or someone you know received an official Notice of a Federal Tax Lien, you need a qualified IRS tax attorney in Los Angeles on your side.  Contact the reliable Los Angeles IRS tax attorneys at the Strategic Tax Lawyers, LLP for a free consultation to assist you with your tax-related issues. Call the Strategic Tax Lawyers at (800) 669-4775.