Floyd Mayweather Finally Pays IRS $22,238,255.00
By Dr. Sinclair N. Grey III
Athletes who earn a lot of money doing what they love doing need to manage their money. That goes without saying. However, many people know there are so many athletes who are foolish with their money and the next thing you know, they are filing for bankruptcy.
Let’s face it – when athletes make millions and millions of dollars every year, it can be tempting to buy things just because. Without proper money management, all of the millions made will end up in someone else’s bank account.
In addition to budgeting their money, athletes need to know they have to pay taxes on what they earn. All of the fame and glitter may appear nice, however, the IRS wants their money. Failure to pay can lead to some serious trouble.
Boxing champion Floyd Mayweather loves to flaunt his money. It’s no secret the man is wealthy and has earned his millions, but Mayweather was delinquent on paying his taxes. In fact, Mayweather was hit with a $22 million tax bill.
The U.S government hit Mayweather with a federal lien in April. It appears as though the taxes were owed to the government after Mayweather fought Pacquaio. Mayweather had ‘sued the IRS in order to get reprieve from the action, buying time until he could have his latest fight with Conor McGregor on August 26, 2017.‘
Well, the good news is that Mayweather has settled his debt. “Mayweather has now wiped the slate clean thanks to the bumper check of around $300 million that he pocketed by winning his fight against Conor McGregor, as first reported by The Blast.”
FYI – After Mayweather defeated McGregor, his professional record is 50 wins and zero losses. Here’s the question – will Mayweather stay retired this time?
Dr. Sinclair N. Grey III is a speaker, author, and writer. Follow him on Twitter @drsinclairgrey.org
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