IRS reviews tax-exempt status
The Internal Revenue Service reviews the tax-exempt status of the NAACP, citing concerns over a speech given by Chairman Bond at its annual convention in Philadelphia. The IRS tells the association it has received information that Bond conveyed “statements in opposition of George W. Bush for the office of presidency” and specifically that he had “condemned the administration policies of George W. Bush in education, the economy and the war in Iraq. Bond defends his remarks:
This is an attempt to silence the NAACP on the very eve of a presidential election. We are best known for registering and turning out large numbers of African-American voters. Clearly, someone in the I.R.S. doesn’t want that to happen. It’s Orwellian to believe that criticism of the president is not allowed or that the president is somehow immune from criticism.
Mayweather asks for installment plan over 2015 unpaid taxes
Mayweather petitions the U.S. Tax Court for an installment agreement to pay taxes from 2015, citing his fight with Conor McGregor as a “significant liquidity event” from which he intends to pay the remaining balance. Mayweather argues he’s too illiquid to immediately pay the taxes while the IRS has said that some of his assets could be converted into cash or that Mayweather could take out a loan to pay what he owes. Mayweather reportedly earned $220-230 million for defeating Manny Pacquiao in 2015. After he fights McGregor, Mayweather will have to pay taxes on a possible $400 million in earnings as well as cover his past IRS debts.
Mayweather owes the IRS $22.2 milllion
The AP posts the IRS’s lien against Mayweather for 2015, which shows the fighter owing the agency $22,238,255.