Comments Thread For: IRS Now Targets Manny Pacquiao For $18 Million in Debt

[MrRolltide91]

How long visionquest was hired for?

[TOBYLEE1]

This is why the big names in boxing leave their promoters. I hope that it doesn't turn out that Manny made every body rich but himself.

JCC Sr was scammed for years by King

[anonymous2.0]

Athletes and taxes is not a new story, for Manny's boxing career this is just a thorn in his side.

On his political career though its like a gunshot wound. Doesn't matter how nice you are if you can't handle your own accounts and budgets why should they trust you on issues that affect public accounts and budgets?

[rocktx]

Ol Bobby boy said so much % comes out of his purse for taxes handled by Koncz.......something is very fishy here!!!!

Either way its still Manny's fault. He should have records of his tax forms and returns etc... just like anyone else. Just because you make a certain amount doesn't mean your exempt from making sure your taxes are handled. IRS will definitely be there to remind you if you make money in the millions.

If not anything he should have been watching all his money handlings to make sure he wasn't getting robbed one way or another.

[AgainstTheRopes]

I fear that Pacquiao's going to be fighting small shows in the Philippines until his late 40s to just to make ends meet.

[damned1974]

Can't be true. He took a picture to provie it

That's his application for food stamps after the tax dept gets to him....

[iloveboxing2]

I doubt this story is true because if Pac's screwing IRS, Pac will know it right away. IRS will be up his azz garnishing whatever he is about to make of he misses payment and Bob mentioned before that they're the ones that deducts the withholding taxes and files for Pac's income tax returns, he said it himself on one of the sites here when Pac was getting screwed by the local tax collector. It only takes a year or two to miss a payment before IRS screw somebody big time. Pac should start firing all his people including Bob and not leave this all to God, this dude is such a nice guy, he deserves better.

[FeFist]

Are you from the US.. Do you have a job,, if so when you get your paycheck, doesnt your employer already withhold the taxes,, Its basically like that, but manny maybe deemed an independent contractor much like how strippers are.
Plus Arum has already been on record as saying that manny has paid his taxes and that top rank fully complies with the tax code, but with this news it seems they havent been.



Arum basically said that manny pays all his taxes to the IRS when the phillipine BIR came looking for payment and froze his accounts,, but now it seems that bob was lying and manny hadnt paid taxes to the IRS

I've extracted some of the quotes from his interview, and will now take the liberty of highlighting key words.

He told Llorente that the company ''pays a lot of Manny's bills in the United States so we, from time to time make payments to that company at Manny's instructions.''

''if we have to send Manny $1 million we may send $50,000 to EDK so Michael can pay the bills. That's what we do because its only under the instructions of Manny because Manny is in the Philippines and he can't come over here and pay his own bills.''

He has effectively covered his ass, at least with regards to the things he said in that interview. The words highlighted in blue represents him limiting his involvement, so that he would only be expected to show some payments have been made. The words highlighted in green represent him placing the burden on someone else, either Koncz or Pacquiao. The words highlighted in orange represent him limiting what people would expect to come out in communication, by suggesting that it is minimal due to Pacquiao being in a different country.

[boxingfeind]

Of course Pacquiao did not purposely not pay his taxes,its just that Pacquiao was dumb enough to allow crooks in Micheal Konc`s and Bob Arum to handle his taxes,as opposed to getting a an accountant to do that.Konc`s and Arum probably sabotaged Pacquiao on purpose so Pacquiao would be so much in debt that Pacquiao would keep borrowing money from Arum,and so Arum could say,"if you want me to loan you this money you have to extend your contract with me",in that way Pacquiao would never be able to leave Arum and Konc`s.Regardless if they sabotaged Pacquiao on purpose or not,there`s no doubt that Arum and Konc`s caused Pacquiao`s tax problems through ripping Pac off.



Pac should have left Arum and Konc`s after Visionquest reported that PAc was getting ripped off.Instead Pac fires Visionquest and continue to stay with those 2 crooks Arum and Konc`s.Either Pacquiao is really dumb,or he`s being blackmailed.Pacquiao had no problems leaving his previous manager or promoter who was ripping him off,but when it comes to Arum and Konc`s,he`s like a girl in a abusive relationship who keeps getting back with her abusive boyfriend.

[radioraheem]

Maybe I'm being really naive here but isn't this stuff why you pay accountants colossal amounts of money? I don't know how boxers end up in these situations.

It's a great misconception that just because one hires an accountant, that things will be good. There are accountants that are incompetent, ignorant, greedy, shady, etc. I've seen accountants file people's taxes really late and then turn around and charge their client a fortune.