The official "Manny Pacquiao contract extension with Top Rank" super thread

Its funny because Pac said wait til next year when my contract is up, then said why should I leave just because of one fight

This fight was never gonna get made from the start regardless of whos to blame lol

 

Interesting....

My question is why does it bother May so much that Arum is the promoter? Why doesn't he want to do business with him? May has even more leverage now than before, since Pac got Ko'd. If May really wanted the fight, he would just give them his terms and if they accept cool and if not, oh well. Why is he so focused on Arum? So that's more important than making the fight?

When it's all said and done, MOST people will continue to believe he never wanted the fight. Oh well. It's his legacy. Not that it matters much though. He never fought him when it mattered anyway.

 

Because Mayweather never wanted the fight and he even admitted to cherrypicking. He has thrown a different excuse after excuse until he found one that is difficult to overcome.

http://www.youtube.com/watch?v=t9V1wkNKxGs

 

Yeah, I don't think I've ever seen anything like this in boxing ever. It's like they are trying harder not to make the fight than to make it. Bob Arum should be the last ****ing reason not to make a fight. Especially when you have the leverage.

 

Well I've been an accountant for over 25 years and I'm here to tell you that you're full of ****. The IRS makes mistakes, they are not infallible, and neither you nor I know anything more than what rumours we hear. Besides if you know anything at all about finance you'd know that your debt is only one side of the equation, the other is your assets. I'm guessing that both Pac and Mayweather have healthy net worth's that exceed mine and vastly exceed yours.

Coming from someone who does nothing but provide advice on tax and other financial issues on a daily basis it's very annoying to go onto a boxing site as see so many people talking out of their asses about a subject they know nothing about.

 

Believe it or not when a fighter employees and manager and a promoter guess who arranges the fight and the terms? They do. Now why people seem so surprised by this is a mystery to me, which basically means I agree with your comments. It shouldn't matter to Floyd who he's negotiating with because at the end of the day it's simply a business arrangement. No need to make it personal.

 

Here's an objective fact

Both Floyd and Manny's resumes will be completely hindered/destroyed by not having each other on their ledgers.

It's unfortunately

Both resumes will have major asterisks beside them.

 

if you dont file a satisfactory tax return, or there are
any kind of issues that may crop up, the IRS will issue a very high figure as an " assesment", and that means the responsability to prove it aint as high as the assesment suggests, is up to the individual to provide all the facts to the matter.

Irs are not lying. they are guessing a high sum in order to get you to sort it out. It happened to me once, but it was not in the millions!!:rofl

He may owe a million, or he may even be owed.

 

You're assuming you're richer than me?

Anyways, all we know is that the Pacquiao owes the IRS a lot of money and if it wasn't a large amount, rumours would have subsided by now. But fact is they keep popping up.

Even Manny's lawyer is blaming Arum/Koncz and saying how it's a huge problem. :deal

 

MVC you're full of ****. If you had a CFA you'd be acting and behaving with far more maturity than you've displayed on this site. Besides that on your last post you said you were a finance major, now apparently you not only graduated the same day and got a Bachelor's degree but you also completed the CFA, both of which I've completed (sadly) decades ago.

 

Graduated the same day? You need to learn to read.

I graduated last April you clown and wrote part 1 2 months ago.

You speak as if you're incredibly mature. Who the **** are you? Lol. Please, you have 0 right to judge anyone from how you speak on a regular basis.

 

He doesn't have the CFA. He registered and took CFA Level 1 (that anyone can do) which he probably failed. He's still unemployed looking for a job.

 

I think pac will lose a wide UD against Floyd. Floyd is simply a better boxer than Pac. But arguments will never cease, even after they are both long gone. We are missing out on an interesting matchup. The fighter vs the Boxer kinda stuff.

But now for years ahead we will have to put up with years of haters of one or the other-or even even haters of both claiming all kinds of BS:deal

 

How much life experience do you have, you're like a child.

Honestly let's start from the basics.

Arum isn't going to be preparing Pac's US 1040 Tax return, a CPA firm is going to be doing that.

So if Pac owes a bunch of money to the IRS one of three things has taken place. Either the CPA firm wasn't given accurate information about his earnings or they screwed up or he simply didn't pay his debt for whatever reason.

Now since Pac isn't a resident of the US, and assuming there's no tax treaty between the Philippines and the US. the promoter, BY LAW, would be required to withhold 30% of the proceeds and remit them to the IRS. I know this for two reasons, one I prepare US tax returns, and secondly because I'm a Canadian and I own a condo in the U.S.

So the chances of Pac actually owing this amount of money is suspect from the beginning and if true, the IRS would go after the US entity who paid PAC without withholding the tax rather than try and go after someone living outside of the US. If the CPA firm made an significant error they could be liable in some fashion, not necessarily for the tax itself, but for any penalties and interest owed.

So this isn't as clear cut as you make it out to be. So why does the IRS behave in the manor I've indicated? Simple answer. it's hard collecting money from people outside the country, so many countries, including the US require a significant amount of the taxes to be withheld so that if someone does leave the country they aren't chasing them all over the world for the taxes they owe. which leads me back to the basic point that we don't really know the real story.

Now let's take another approach and assume the story is true, well my question would be if Pac was paid 18M or so more than he was suppose to because this wasn't remitted to the IRS, where did the money go? If it went to an investment account or real estate or other assets they could be liquidated to deal with this debt don't you think? He may have pissed it away, but it's a lot of money to **** away on top of the money you were also entitled to keep.


Here's Pac's comment on the issue

How can that be?” he asked, referring to the report about his supposed tax liability. “Top Rank Promotions is deducting IRS taxes automatically before giving or releasing my purse. In the US, taxes are immediately deducted from your income.”

Now what could have happened was that the taxes withheld of say 30% were less than the taxes owed, which could be more along the lines of 40%, so it's not impossible he doesn't owe taxes, but it's not very likely that the would owe 18M.

 

Well I am. I'm over 50 graduated university in 1990, and I own and operate an accounting and financial advisory firm. I have several designations over and above a degree in business/economics, so I've been involved with finances on some level for decades. Trust me that I know more about this topic then you're going to know for decades to come.

You want to show how intelligent you are, try responding to my prior post.