According to website Law360, the petition was filed on July 5 and states that, while Mayweather has "substantial" assets, he can not use them to pay the taxman because they are "restricted and illiquid".
That "significant liquidity event" is, of course, the fight, at which Mayweather could earn up to $100 million.
According to a tax petition filed on July 5, Mayweather has asked the IRS to delay his payments until he picks up his purse from August's fight. That would seem to be enough to pay off most tax bills, provided, of course, you pay off the taxes due on that paycheck. Mayweather's easiest way to make a few bucks is to stage a fight that will drive up the pay-per-view sales.
Kanye West To Split From Jay-Z's Tidal
While one source doubts their friendship will survive, another said, "Their relationship is familial". However, I'm sure Jay's diss made the decision a little more personal rather than strictly business.
According to the IRS website, the failure-to-pay penalty is typically 0.5 percent owed taxes for each month.
On the night of the fight, Fox broadcasting will air two hours of live preliminary fights beginning at 7 p.m. leading up to Showtime Pay-Per-View's telecast of the much anticipated event, said officials.
The fight against McGregor, which will take place in Las Vegas, is expected to challenge financial and PPV records, despite the one-sided expectations. And while they were all smiles, it was the straw that broke the camel's back for ex-UFC superstar Ntae Diaz, who took to social media and lit into both White and McGregor.