[Breaking News]GBP in DEEP ****..

[Left Hook Tua]

Great Match ups like?? Nonito against a bum and JuanMa against a barely top 10 Featherweight is great?

so a top 10 featherweight isn't a good enough fight for a young featherweight prospect?

who is chris john and celestino cabaellero and gamboa been fighting again?

the biggest win of gamboa's career was against a guy who was just a tuneup and stay busy fight for lopez.

[DAN916]

NYSAC didnt get there cut?? lol

[mathed]

For tax purposes, why would a fighter agree to getting paid less than what is being reported to the IRS. Wouldn't that in the long run lead them to owing the IRS money on the greater sum that was reported, instead of the smaller amount that they were actually paid.

Maybe not the IRS but whoever is responsible for overseeing their accounts. My dad owns a business and he charges customers a markup price on material and then charges them tax on the product at the markup price. For tax purposes, he says he charged the person/customer the price he paid for the item not the mark up price.

Basically, they say they paid the fighter a certain amount of money when in reality they did not and you are right, they let the fighters be like contractors and pay their own taxes. The fighters end up being responsible for the extra taxes based on the amount that GBP said they paid them so they have to pay more in taxes but in reality, the difference is not really enough to put them in another tax bracket so the amount they pay is more but not enough to make them notice that they are paying to be placed in another tax strata. The difference would have to be in the order of a million or so once they are over several hundred thousand a year in income. GBP splits their stealings between two or more fighters so that it hopefully goes under the radar and the fighters just pay the extra in taxes. When the IRS eventually finds out, they will maybe back track it to GBP but by that time, it is years later.

Businesses do stuff like claiming less wages on employees all the time and then when the employee files taxes, they end up being responsible for paying the differences and the employer gets off scott free

[shekwan]

NY, along with CA, is one of the big boy commissions after Nevada.

This is a big deal.

[Pullcounter]

NY, along with CA, is one of the big boy commissions after Nevada.

This is a big deal.

NSAC isn't gonna sanction GBP. they are in cohoots w/ them.

[big_james10]

People will overeact to this ****...if you dont think all promoters do this your a ***en idiot...this is not a big deal at all

All promoters do it, but that doesn't mean it is a minor issue. Both fighters were underpaid by $200,000. That may not be much money to you, but that is $200,000 that they rightfully deserved, but did not get. How would you like it if your employer gave you one-third of your rightfully earned salary and expected you to accept it without question? It is because of things like this that Teddy Atlas and others have been calling for a National Boxing Commission for years. Promoters are screwing boxers left and right and are able to get away with it except in extreme cases. I am glad that NY commission did what they did. I hope they hold other promoters responsible for their behavior. If other states will follow suit, especially Nevada, California, New Jersey, Pennsyvania and Texas, there will be a lot fewer instances of promoters taking advantage of boxers.

[Check_hooks]

another excuse for floyd to duck pacquiao

[Gonzalez_Boxing]

Maybe not the IRS but whoever is responsible for overseeing their accounts. My dad owns a business and he charges customers a markup price on material and then charges them tax on the product at the markup price. For tax purposes, he says he charged the person/customer the price he paid for the item not the mark up price.

Basically, they say they paid the fighter a certain amount of money when in reality they did not and you are right, they let the fighters be like contractors and pay their own taxes. The fighters end up being responsible for the extra taxes based on the amount that GBP said they paid them so they have to pay more in taxes but in reality, the difference is not really enough to put them in another tax bracket so the amount they pay is more but not enough to make them notice that they are paying to be placed in another tax strata. The difference would have to be in the order of a million or so once they are over several hundred thousand a year in income. GBP splits their stealings between two or more fighters so that it hopefully goes under the radar and the fighters just pay the extra in taxes. When the IRS eventually finds out, they will maybe back track it to GBP but by that time, it is years later.

Businesses do stuff like claiming less wages on employees all the time and then when the employee files taxes, they end up being responsible for paying the differences and the employer gets off scott free

Thanks for breaking it down.

On another note. I'm beginning to wonder why Ortiz along with the very vocal Campbell have had nothing to say about the situation.

[Left Hook Tua]

NSAC isn't gonna sanction GBP. they are in cohoots w/ them.

if marg was gbp , he'd have gotten his license.

[The Dreamer]

I think the other states should follow suit and suspend GBP in a show of solidarity...

Other states need to honor the suspension to show that they won't tolerate any sort of funny business.

I can see it now. Mosley-Mora PPV location moved from Staples Center to Tijuana, Margarito gets the winner. When asked about the sudden change of venue, DLH responded "Mexico has a rich tradition in boxing and great fans. I just felt it was time to give the big fight fans an opportunity to see some big fights "