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

MVC! hasn't worked a day since graduating last year so don't expect an intelligent response. He's still unemployed and will be until next year :rofl

 

Let's start with Pacquiao tax returns.

Firstly, Pacquiao/Team in the past hired a CPA firm (VisionQwest Accountancy Group) to file Pacquiao US tax returns. VisionQwest in the process of auditing/organizing his records discovered many issues with his previous statements/found different accounting issues and really never got the chance to help Pacquiao because Pacquiao already fired them before they got the chance to tell him. Koncz/Arum coerced Manny into firing Visionquest and Koncz then was responsible for getting his taxes in order (Koncz also has no degree and 0 accounting background).

Anyways yeah what you said I already know, Top Rank Incorporated is responsible for withholding 30% of his purse to pay to the IRS. But I have a strong suspicion that Top Rank hasn't been doing that correctly if at all for Mr.Pacquiao.

And that is the reason why the IRS froze all of his accounts/assets. Filing a Tax Lien against him just 3 months ago of over 17 million dollars.

 

umm he had already tried 3x and they all were declined. wow welcome to 2014.. he even secured a date and venue for him and paq for may 5th 2012.. remember paq couldnt take it due to cut, then floyd was sentenced and then paq was taking over the date then floyd got his sentence pushed back specifically for that fight and the cut was too bad again. but floyd pusherd the iassue cause how was it ok for someone else yet too bad for a floyd fight. and that was when arum started thr nonsense saying no fight until i buil a temporary stadium right in the mecca of boxing. that was when i knew arum didnt want the fight and so did floyd and GB. so floyd the next year after paqs stock dropped further. this was paq in between contracts so floyd thought perfect NO arum NO 30% to arum from paq so he offered 40M, biggest payday by far and didnt have to dish out 30% to the snake.

what does paq do ? says 50/50 and hung up. he thought he was still 1B when he was lucky too be the B- side.
that 40m is way more than he ever get noe and 30% off the top to snake. so paq signed quick 1 or 2 fight extension which brought the snake right back in the mix and phuked more sh!t up..

sorry the above are a facts

and floyd hates arum because he stalled his career for years, certain fights that WERE available arum said NO dont even think about the,m we cant get them. a soon as he leaves arum he immediately gets the odl fight for like triple the pay he asked arum for.

he really wanted the odl but arum was NOT helping hun get a payday since he left arum and blew up...

he also robbed floyd not like paq but a couple mill here couple mill there
he never paid floyd for any of the ppv money from the gatti fight and never paid him the purse of 4/6 (it was 4 or 6) for the judah fight. arum is a phukin snake i wouldnt help line his pockets either.

never mind all the fkamming arum spews about floyd to the media. i would smack him hard if i were floyd

 

From what you just said about top rank not having not withholding his 30% is entirely on them and not Manny. I don't see how the IRS can come after Manny if TR ****ed up.

 

atsch

Damn, the Bobfather has Pac by the balls. Arum must have pictures of Manny smoking crack with trannies or something.

 

When it's accumulated in a span of 3 years, it is a definite possibility if this is the case.

We're talking a total of 6-7 fights in a span of 3 years or so.

Here is the yearly breakdown

2006- 1.16 million
2007- 2.035 million
2008- 2.86 million
2009- 8.02 million
2010- 4.23 million

 

or 75 million dollars.

 

Doesn't make much sense. If Top Rank Inc is responsible for withholding the tax and they fail do to so, then at the end of the day they are liable for the tax. Now back to another basic question I asked, if they didn't withhold the taxes, where did the money go? If it was invested then it's not that difficult of a problem to solve, you simply sell the assets and pay the IRS, and since it was the money that was suppose to go to taxes, you might not be all that adversely affected, except for the penalties which would be almost certainly Top Rank Inc. responsibility to pay, since they were the entity who failed to withhold the required taxes in the first place.

 

So like I said the question is if this was owed to the IRS, where did the money go? If it's in investments then they should be liquidated and the issue is resolved. If it is in real estate, then sell a couple of properties. But it's not likely to have simply disappeared.

 

Well it's just 1 of my strong suspicions

Another one would be that Manny Pacquiao is a foreign athlete and tax returns for a foreign athlete face various withholding rules that only apply to them. They pay U.S taxes (US Rates) on their income source (U.S).

And since Manny Pacquiao isn't like Floyd Mayweather (Manny has his own brand, merchandise, endorsements and so forth), there's a definite possibility that he failed to pay taxes on his non-fight source incomes. Since Koncz now takes cares of Pacquiao's tax returns, he may have neglected U.S foreign athlete taxation rules.

And do you not find it suspicious that the Tax Lien that the IRS slammed on Pacquiao reached as high as 18 million dollars?

 

Seriously, I wouldn't know.

Manny Pacquaio in those years was heavily involved in gambling, partying, etc etc.

He also purchased a properly worth 10 million dollars during that time (I read). I doubt he had much if any money at all in his trading account/investment account, etc.

 

Misstatment of revenue and expenses – Tax documents for 2006 and 2007 and other years were in hand written form, emails and written notes have been clearly misstated on revenue and expenses of Pacquiao and MP Promotions USA Inc. “Mr Koncz has now placed our client in a possible tax liability based on his false documentation and that now VisionQwest Accountancy Group must justify through our own gathered and documented records a new tax position to the Internal Revenue Service.”
Lapse of corporate status – Koncz put MP Promotions USA Inc in jeopardy as an active corporation because he let its “corporate status fall out of status.” It was suspended as a corporation for two years and VQ had to bring it back into status.
ADK and relationship with Top Rank – ADK, a Koncz company, has never filed any tax returns, which could lead to tax evasion issues, which could affect Pacquiao. “Furthermore, it appears that Mr Koncz is receiving fees from Top Rank which is a conflict of interest because it could appear that he is serving not only Manny Pacquiao but also Top Rank…The question that should be asked is Manny getting the best contract for a fight?”

 

This dude don't learn

 

So what?, it's Arum that brought him all the good/big fights anyway. Not signing for one big fight against Mayweather would be stupid, especially with Mayweather's endless list of demands. I'm glad he signed an extension, Pacquiao has another career out of boxing and can't fully manage and promoter his self.

 

Why would he need to "learn"?, because Mayweather is barking for him to leave Arum?. Unlike DLH and Mayweather when they left Arum, boxing isn't Pacquiao's full-time job anymore.