Manny Pacquiao in Debt For $18 Million

WE ALL SAW THIS COMING.....

Manny Pacquiao's financial problems are starting to build up. He now has a bill of $18 million dollars ... in addition to his $50 million dollar tax fight in the Philippines ... and this time, it's Uncle Sam that's trying to force Manny to pay up.

TMZ Sports has obtained official documents which show the IRS claims Manny owes the government millions in federal income taxes from 2006 to 2010 ... totaling $18,313,668.79 in debt.

Here's the yearly breakdown:

2006 -- $1,160,324.30
2007 -- $2,035,992.50
2008 -- $2,862,437.11
2009 -- $8,022,915.87
2010 -- $4,231,999.01

Interesting note -- Manny had 3 big fights in 2008, including a match against Oscar De La Hoya in which MP reportedly banked $15-$30 million in guaranteed cash.

In 2009, Manny famously fought Ricky Hatton and Miguel Cotto.

Manny's U.S. tax problems come on the heels of a nasty tax war in his home country, the Philippines ... where the goverment claims he evaded paying $50 million in taxes in 2008 and 2009 stemming from fights that took place in the United States.

Philippines officials have frozen the bank accounts Manny has in the country ... and even placed a lien on one of his most expensive properties, located in Manila.

We reached out to Manny's camp -- so far no word back.

completely agree that this is all manny's fault he had his suspicions BUT decides to resign?!?! WTF!! here's a article from 2011 very interesting....


Manny Pacquiao's Money Problems: Is He Losing Millions of Dollars?
BY HENRY MARTIN (SENIOR ANALYST) ON JULY 22, 2011


I find this incredibly interesting, but this might not come as a surprise to some of you.

If you have not heard, Michael Koncz has supposedly been dismissed from Pacquiao's camp.

This rumor has been quashed by Koncz, Arum and Pacquiao himself to be false saying that Koncz is still under the employment of Pacquiao. Koncz is actually heading to the Philippines with the contract for the November bout with Marquez to be looked over and finalized with Pacquiao.

So now you may be wondering what started all the rumors that Koncz was fired by team Pacquiao.

There have been several rumors as to why.

One is because of an ongoing beef between Timothy James of MP8.ph and Koncz.

Another is because of Koncz's limited knowledge on boxing and his recent interview with fighthype.com, where he dismissed Pacquiao's statement of unlimited blood testing to the day of the fight.

The last rumor that I've heard of, and this seems to be the more likely one to me, is that Pacquiao has been losing millions of dollars, and they feel that Koncz is somewhat responsible.

Recently, a document was issued by the House of Representatives in the Philippines detailing the congressman's net worth.

He had a net worth of about 1.134 billion pesos, which is equivalent to $26 million.

This brings up the question, where did all of his money go?

Now, this is a far cry from what people have estimated what his net worth would approximately be. His estimated net worth was $70 million. His $26 million is almost one-third of what people believed it to be!

He also recently made more than $20 million in his fight against Mosley and about $35 million from his Clottey and Margarito fights last year.

This only fuels the theory that Pacquiao is reconstructing his inner circle, which supposedly started with Koncz.

Pacquiao recently hired Visionqwest resource group, an accounting and auditing firm in Los Angeles, to handle all accounting and contract reviews. Also, they were to review Pacquiao's contracts and audit the Pacman's earnings.

Pacquiao believes that there are inconsistencies between how much he was told he earned from the PPV buys share and how much is being reported to the IRS. He also denies losing millions of dollars and joked about how he recently bought a million-dollar house.

Whatever happens though, I'm interested in knowing if he really is losing money and if he is, where it is all going. I wouldn't be surprised if he spent most of it on his latest game show (buying gifts for the less fortunate) or if people have been funneling money from him.

I should also point out that Pacquiao is notorious for his donations to his countrymen from donating money to the typhoon Ondoy victims and even handing out money to impoverished.

You never know. Pacquiao has an insanely large posse, and it wouldn't be too surprising if somebody he thought he could trust was stealing from him.

50 cent is fuckin snake. floyd cut the grass and cut that piece of shit out of his circle applause for that.

Manny Pacquiao Disputing $18 Million Owed To The IRS

By Ronnie Nathanielsz

“Fighter of the Decade” Manny Pacquiao has denied allegations published by the entertainment website TMZ Sports that he owes the US Internal Revenue Service or IRS $18.3 million in taxes for the years 2006 to 2010.

TMZ claimed it had obtained official documents which show the IRS claims Pacquiao owes federal income taxes totaling $18,313,668.79 but Pacquiao said this was not true.

He maintained that Top Rank promoter Bob Arum deducts 30 percent from his purse in every fight and pays the IRS which Arum himself confirmed.

Pacquiao claimed there appears to be a concerted effort to destroy his image following an earlier report that he was a green card holder which he said was totally false.

BoxingScene.com/Manila Standard learned that a disgruntled individual who tried to wiggle his way into Team Pacquiao and was rejected, is behind the effort to besmirch the name not only of Arum and Pacquiao’s adviser Michael Koncz but the boxing hero himself.

Koncz told BoxingScene/Manila Standard “this allegation (about taxes) is nothing new. We have been under audit for three years. The scenario in America is totally different from the scenario here with the BIR” which he indicated is likely to be resolved soon.
Pacquiao reportedly met with his lawyers on Tuesday evening and discussed the tax issues with the BIR which is expected to be resolved amicably.

Koncz clarified that in the US it’s a very simple issue involving four categories of deductions. He said “when you file taxes in America you have to itemize every deduction and there are four areas of tax deductions that is being disputed between us and the IRS. Its not a question of earnings its a question of allowable deductions.”

One of the deductions being contested is the airfare of people whom we buy tickets for to come to the fights. Another issue is whether signing bonuses are taxable or not taxable.”

Koncz said “these are the issues at hand and its very simple. We have very competent accountants handling our taxes and a competent tax lawyer and this should be resolved shortly.”

Discussing the figure of $18.3 million Koncz said “if they disallow all our deductions then perhaps they are there. But that’s not our tax liability. We are not going to come anywhere near that.”

Koncz conceded that “we know we are going to end up owing some additional taxes but it will depend on what the tax appeals court will allow us to deduct and what they won’t allow us to deduct.”

he went and started TMT promotions while floyd was locked up, goes and starts sucking arums dick in hopes of making the fight happen and getting the credit for it. he's on every website telling the world he can make the fight happen lol floyd comes out see the snakes true colors and kicks him to the curb lol 50 starts sms promotions where his espn deportes stable of fighters get to fight top rank fighters... goes on espn and says mayweather was scared of manny and he's the reason why the fight didn't happen...







snake.

oscar de la hoya & mayweather were both with top rank, they leave and look at what happens? floyd highest paid athlete in the world and de la hoya (besides the coke and fishnets) has golden boy promotions. fuck top rank.