Floyd Mayweather remains one of the most legendary boxers in all the pro boxing world. Floyd Mayweather also previously posted a heartbreaking photo of his girlfriend.
Floyd ‘Money’ Mayweather previously announced that he will make his return to the squared circle next month in Dubai to face former sparring partner Don Moore in an exhibition match. The Hall of Famer sees no problem with his decision to continue taking exhibition opportunities. In the end, what matters to him is earning more money.
Floyd Mayweather, boxer and entertainment entrepreneur, will not be further fighting an IRS assessment of $5,549,675 in tax and an accuracy penalty of $1,109,935 for the year 2017.
The audit of Mayweather’s 2017 return came to a conclusion with the issuance of a SNOD on February 2, 2022. According to the SNOD deadline for the petition was May 3, 2022.
Taxpayer contests the auditor’s $5,549.675 assessment resulting from the auditor’s disallowance of a business deduction claimed by Taxpayer in 2017 tax year and hereby petitions the honorable United States Tax Court for a redetermination and finding that expenses claimed were deductible as ordinary and necessary business expenses in the 2017 tax year. The Taxpayer also contests the Section 6662(a) accuracy related penalties assessed in the amount of $1,109,935 and petitions the honorable court for a redetermination and an abatement of such penalties.
There is a bit more in an attachment.
The Taxpayer contests the disallowance of a deduction in the 2017 tax year as stated in the Notice of Deficiency.
The Taxpayer was involved in multi year business litigation and incurred business expenses related to such litigation. The Taxpayer deducted the expense in the 2017 tax year and should be allowed a deduction under IRC Section 162(a) as ordinary and necessary business expenses.