BoxRec

Has this been covered? Floyd is requesting a deferral of his 2015 tax liability until he's been paid for the McGregor bout. In other words, he's fighting in 2017 to pay his 2015 tax bill. So what's going to pay 2017's tax bill? A nice 2019 money spinner, at the age of 42, versus... Who? Or what? An octopus?

Can there be any doubt that Floyd will wind up as broke as Tyson, Roy Jones, and all the others? How can Floyd be so attentive to his boxing Legacy, but so remiss with his bank account? If you're familiar with boxing history, you're familiar with broke and down & out pugs!

Rich guy owes more than his return, puts it off for settlement, is not newsworthy. It's business as usual.

Floyd may one day run out of money, won't be anytime soon. He's about to make a few hundred million next month.

I think it's sad that we're talking about a boxer's tax affairs.

Honestly, who cares?

Covfefe wrote:I think it's sad that we're talking about a boxer's tax affairs.

Honestly, who cares?

Agreed, still difficult to read something so uninformed on any topic without commenting.

It's always astounding when these guys blow astronomical amounts of money. Tyson in his autobiography describes how he gets paid 25m, quickly spends 25m plus, needs another 25m payday right away... Perhaps it interests me because I don't make these obscene sums.

We'll know how "uninformed" I was in a couple of years I suppose. Glad I put the crucial question mark in the subject title.

The years won't change that someone dealing with 2015 taxes in 2017 is far from a sign of money troubles.

Tuan_Jim wrote:It's always astounding when these guys blow astronomical amounts of money. Tyson in his autobiography describes how he gets paid 25m, quickly spends 25m plus, needs another 25m payday right away... Perhaps it interests me because I don't make these obscene sums.

We'll know how "uninformed" I was in a couple of years I suppose. Glad I put the crucial question mark in the subject title.

Tyson was taken off the streets, taught to box and suddenly he's a global superstar making vast sums of money that he has no real sense of. Bad advice, poor friends, mismanagement, exploitation and the sense that losing one lot doesn't matter cause another fight brings another vast sum. Where are all those guys who used to surround Tyson now? Where are the NoI? These kids need proper people around them but they never get them or think they outgrow them.

It is obscene to think of the money Tyson earned in his career and how he managed to fritter it away. He should have sorted out the next few generations of his family on that kind of money. They just don't realise that it will all come to an end.

SaadOffTheDeck wrote:The years won't change that someone dealing with 2015 taxes in 2017 is far from a sign of money troubles.

The American tax system is seemingly different to ours which I think means U.K. based posters may see it differently

Over here if someone was (still) late paying 2015 taxes in 2017, it would definitely indicate money problems. If for no other reason that the penalties and interest on late payment would make it uneconomical for anyone who could afford to pay taxes, not to do so. It seems the whole timeline for paying taxes on a given year is very different in the US

Covfefe wrote:

Tuan_Jim wrote:It's always astounding when these guys blow astronomical amounts of money. Tyson in his autobiography describes how he gets paid 25m, quickly spends 25m plus, needs another 25m payday right away... Perhaps it interests me because I don't make these obscene sums.

We'll know how "uninformed" I was in a couple of years I suppose. Glad I put the crucial question mark in the subject title.

Tyson was taken off the streets, taught to box and suddenly he's a global superstar making vast sums of money that he has no real sense of. Bad advice, poor friends, mismanagement, exploitation and the sense that losing one lot doesn't matter cause another fight brings another vast sum. Where are all those guys who used to surround Tyson now? Where are the NoI? These kids need proper people around them but they never get them or think they outgrow them.

It is obscene to think of the money Tyson earned in his career and how he managed to fritter it away. He should have sorted out the next few generations of his family on that kind of money. They just don't realise that it will all come to an end.

There's an interesting interview with Bill Cayton, it's in one of my ancient mags, never been able to track it down, where he counters Tyson's various accusations against him and sets out the financial plan they had arranged for him. I think Berger touches on it a few times in Blood Season. Basically by the age of 21 he was set up to be living fat off his earnings even if he retired early - but Tyson of course surrendered all authority to Robin Givens and her mother and they sucked the principal dry almost instantaneously.

Counter-puncher wrote:

SaadOffTheDeck wrote:The years won't change that someone dealing with 2015 taxes in 2017 is far from a sign of money troubles.

The American tax system is seemingly different to ours which I think means U.K. based posters may see it differently

Over here if someone was (still) late paying 2015 taxes in 2017, it would definitely indicate money problems. If for no other reason that the penalties and interest on late payment would make it uneconomical for anyone who could afford to pay taxes, not to do so. It seems the whole timeline for paying taxes on a given year is very different in the US

Must be it. He paid his taxes, the IRS comes back and says he didn't pay enough. They go back and forth until the penalties are dropped and he pays less than they asked for. Very typical of our wealthy. Some of these cases will carry on for many years.

Counter-puncher wrote:

SaadOffTheDeck wrote:The years won't change that someone dealing with 2015 taxes in 2017 is far from a sign of money troubles.

The American tax system is seemingly different to ours which I think means U.K. based posters may see it differently

Over here if someone was (still) late paying 2015 taxes in 2017, it would definitely indicate money problems. If for no other reason that the penalties and interest on late payment would make it uneconomical for anyone who could afford to pay taxes, not to do so. It seems the whole timeline for paying taxes on a given year is very different in the US

Not au fait with the American tax system at all, so interesting information. I was under the impression that he was flirting with jail if he didn't get this sorted - but perhaps he had a McGregor carnival in mind all along?

Tuan_Jim wrote:

Covfefe wrote:

Tuan_Jim wrote:It's always astounding when these guys blow astronomical amounts of money. Tyson in his autobiography describes how he gets paid 25m, quickly spends 25m plus, needs another 25m payday right away... Perhaps it interests me because I don't make these obscene sums.

We'll know how "uninformed" I was in a couple of years I suppose. Glad I put the crucial question mark in the subject title.

Tyson was taken off the streets, taught to box and suddenly he's a global superstar making vast sums of money that he has no real sense of. Bad advice, poor friends, mismanagement, exploitation and the sense that losing one lot doesn't matter cause another fight brings another vast sum. Where are all those guys who used to surround Tyson now? Where are the NoI? These kids need proper people around them but they never get them or think they outgrow them.

It is obscene to think of the money Tyson earned in his career and how he managed to fritter it away. He should have sorted out the next few generations of his family on that kind of money. They just don't realise that it will all come to an end.

There's an interesting interview with Bill Cayton, it's in one of my ancient mags, never been able to track it down, where he counters Tyson's various accusations against him and sets out the financial plan they had arranged for him. I think Berger touches on it a few times in Blood Season. Basically by the age of 21 he was set up to be living fat off his earnings even if he retired early - but Tyson of course surrendered all authority to Robin Givens and her mother and they sucked the principal dry almost instantaneously.

It wouldn't surprise me at all.

Though I'd suspect the best pay cheques came post-Givens in the mid/late 90s.

Tuan_Jim wrote:

Counter-puncher wrote:

SaadOffTheDeck wrote:The years won't change that someone dealing with 2015 taxes in 2017 is far from a sign of money troubles.

The American tax system is seemingly different to ours which I think means U.K. based posters may see it differently

Over here if someone was (still) late paying 2015 taxes in 2017, it would definitely indicate money problems. If for no other reason that the penalties and interest on late payment would make it uneconomical for anyone who could afford to pay taxes, not to do so. It seems the whole timeline for paying taxes on a given year is very different in the US

Not au fait with the American tax system at all, so interesting information. I was under the impression that he was flirting with jail if he didn't get this sorted - but perhaps he had a McGregor carnival in mind all along?

You certainly can get to that point but he already paid 26 million in 2015.

SaadOffTheDeck wrote:

Counter-puncher wrote:

SaadOffTheDeck wrote:The years won't change that someone dealing with 2015 taxes in 2017 is far from a sign of money troubles.

The American tax system is seemingly different to ours which I think means U.K. based posters may see it differently

Over here if someone was (still) late paying 2015 taxes in 2017, it would definitely indicate money problems. If for no other reason that the penalties and interest on late payment would make it uneconomical for anyone who could afford to pay taxes, not to do so. It seems the whole timeline for paying taxes on a given year is very different in the US

Must be it. He paid his taxes, the IRS comes back and says he didn't pay enough. They go back and forth until the penalties are dropped and he pays less than they asked for. Very typical of our wealthy. Some of these cases will carry on for many years.

Hahaha

There's an obvious similarity in the two systems then, when the tax owed is that huge you've got a lot more options, and if you've got enough money for the right advice and show the willingness and ability to tie them up, you can always get a deal.

But that's for the beyond-mere-millionaire rich only

SaadOffTheDeck wrote:

Tuan_Jim wrote:

Counter-puncher wrote:
The American tax system is seemingly different to ours which I think means U.K. based posters may see it differently

Over here if someone was (still) late paying 2015 taxes in 2017, it would definitely indicate money problems. If for no other reason that the penalties and interest on late payment would make it uneconomical for anyone who could afford to pay taxes, not to do so. It seems the whole timeline for paying taxes on a given year is very different in the US

Not au fait with the American tax system at all, so interesting information. I was under the impression that he was flirting with jail if he didn't get this sorted - but perhaps he had a McGregor carnival in mind all along?

You certainly can get to that point but he already paid 26 million in 2015.

Fair enough - I wonder what the plan is to pay off the monster of a tax bill this Macgregor fight will unleash? Given that he'll be attending to 2015 and possibly some 2016 taxes? This seems like the last opportunity to settle it all. Unless there's a controversy in the works, and a rematch already orchestrated? Or perhaps he really is getting the best tax advice possible, and he has tons of money tied up in other things? Wouldn't surprise me I suppose. I find him too obnoxious to follow too closely. And I still think he'll wind up a jive broke ex champ.

He has plenty of money. His tax return is obviously a complex one. I imagine his plan will be to pay them in 2020.

SaadOffTheDeck wrote:He has plenty of money. His tax return is obviously a complex one. I imagine his plan will be to pay them in 2020.

Are you a financial advisor to him or his accountant?

Nightmare Roy wrote:

SaadOffTheDeck wrote:He has plenty of money. His tax return is obviously a complex one. I imagine his plan will be to pay them in 2020.

Are you a financial advisor to him or his accountant?

Both

Nightmare Roy wrote:

SaadOffTheDeck wrote:He has plenty of money. His tax return is obviously a complex one. I imagine his plan will be to pay them in 2020.

Are you a financial advisor to him or his accountant?

Unfortunate aspect of Mayweather McGregor is that some of the Current Scene massif will leak into the British forum as we see with saadoffthedeck here.

SaadOffTheDeck wrote:

Nightmare Roy wrote:

SaadOffTheDeck wrote:He has plenty of money. His tax return is obviously a complex one. I imagine his plan will be to pay them in 2020.

Are you a financial advisor to him or his accountant?

Both

Ahh that's why you know so much about how he stands financially.

Nightmare Roy wrote:

SaadOffTheDeck wrote:

Nightmare Roy wrote: Are you a financial advisor to him or his accountant?

Both

Ahh that's why you know so much about how he stands financially.

I have heard the american tax system is very different to the british system perhaps an american can explain it in laymans terms ,, if there is such a thing in tax ,,
Although on a side note , i just took my youngest son to see my accountant today , peanut never took the advice i have drummed into him since he was 14 , NEVER FOOK WITH THE TAX MAN .. dID'NT DO HIS LAST 2 RETURNS , ,, so basicly they estimated his last two years have been good , he owes x amount , fines go on top , and now they raided his bank account ..

Idiot thought if he ignores them long enough they will go away ,, he was even bragging that the bitch he argued with on the phone hung up on him .. I had to shake my head with disbelief , and tell him , yeh , then she raided your bank account and wants you to go into a payment plan which once you sign your legally contracted too , ,, Took him to see my accountant who says no problem we will fill in his last 2 returns , and he should get a refund ,, Idiot thinks he was being smart , but has now learnt don't FOOK WITH THE TAX MAN ...

Although i do have a mate , who's son is living in the states and he goes to the states a lot , talking to him , he said here in Aust and England , we pay taxes, and try not to upset the tax man , whereass in the states he reckons yanks consider it there civic duty to avoid tax has much has possible .

The IRS doesn't bother with lesser incomes. If you never earned over 50k a year you could possibly go your whole life without filling and not be bothered. That doesn't mean you wouldn't get randomly flagged, but they're much more concerned with the wealthy not filling and combing their returns. As for penalties, you can't listen to the radio without a commercial for an attorney settling Tax debts for pennies on the dollar. The easiest way to break it down is that it's a gigantic money conglomeration and they are only concerned with giant sums of money. That's federally, the states will gauge anyone. Much tougher dealings there.

SaadOffTheDeck wrote:The IRS doesn't bother with lesser incomes. If you never earned over 50k a year you could possibly go your whole life without filling and not be bothered. That doesn't mean you wouldn't get randomly flagged, but they're much more concerned with the wealthy not filling and combing their returns. As for penalties, you can't listen to the radio without a commercial for an attorney settling Tax debts for pennies on the dollar. The easiest way to break it down is that it's a gigantic money conglomeration and they are only concerned with giant sums of money. That's federally, the states will gauge anyone. Much tougher dealings there.

good information & interesting

I had a discusion with him he said its all somehow rtelated to his property hence why he has a big property , I'm not sure which state he lives in though i think its the one with a famous drag racing circuit . Daytona or something similar