Manny Pacquiao Socked By IRS -- YOU OWE US $18 MILLION!!!

[Fibroso]

Manny Pacquiao Socked By IRS -- YOU OWE US $18 MILLION!!!

12/10/2013 1:22 PM PST by TMZ Staff exclusive
http://ll-media.tmz.com/2013/12/10/1210-manny-pacquiao-getty-3.jpg

Manny Pacquiao has 18 MILLION new tax problems ... in addition to his $50 million 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 stiffed the government out of 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 earned a $12 million purse.

Manny's U.S. tax problems come on the heels of a nasty tax war in his home country, The Philippines ... where the govt. 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.

[Fibroso]

Will Manny Pacquiao Finish His Career in Financial Distress? By Paul Magno 23 minutes ago

COMMENTARY | Eight-division world champ and Filipino icon, Manny Pacquiao, literally, lives the life of a king. With a small army of assistants, hangers-on, and yes men on staff, his every need is met and his every whim is a top priority. Pacquiao lives a life that most of us can only dream of, but there's no doubt that he has worked hard to parlay two fists and a fighting spirit into worldwide fame and superstar status. If there's anyone in boxing impervious to the sport's oldest sad tale of riches to rags, it would appear to be Pacquiao.

However, stories keep piling up about Pacquiao and potential financial distress and it would appear that where there's smoke, there may be a raging fire.
Over the last couple of weeks, reports have surfaced about tax problems, both in the Philippines and in the United States, that have the fighter owing huge sums of money. These reports have rekindled old, unsubstantiated stories claiming that through some of Pacquiao's highest-earning days as a professional fighter, politician, and multimedia darling he may actually have been surprisingly cash-poor.

This is certainly an odd turn of events, if true. According to Forbes magazine, Pacquiao's lifetime earnings surpassed the $300 million mark with his recent bout against Brandon Rios in Macau, China. It's hard to wrap your head around the concept that someone who has earned so much is now in the red.

Without having access to all the proper documents, though, it's really impossible to determine the exact state of Manny's finances. So, before digging in and making sweeping accusations or generalized declarations, it should be made clear that nobody, without a direct and intimate knowledge of Pacquiao's finances knows the absolute truth and, as fans and media, we may never really know what's what when it comes to the Filipino buzzsaw's books.
But reports keep surfacing that paint a grim picture. Most recently, celebrity gossip site, TMZ claims to have obtained access to some "official documents" showing that the beloved pugilist owes the IRS more than $18.3 million in back taxes for earnings from 2006 to 2010.

Could this problem be attributed to simple poor bookkeeping or neglect on the part of someone within Team Pacquiao? Could it be a symptom of a greater disease when it comes to Manny's finances?
It's hard to tell, but nothing coming from Pacquiao's inner circle has inspired much confidence in the financial well-being of the fighter.
In an ESPN.com article dated November 29, Dan Rafael questioned promoter Bob Arum about Pacquiao's alleged tax issues in the Philippines and was assured that everything was just a misunderstanding and a question of paperwork complications. The promoter also assured that Manny was similarly in good hands when it came to his U.S. earnings.

"For each of Manny's fights that occurred in the United States, including those in 2008 and 2009, Top Rank withheld 30 percent of Manny's purses and paid those monies directly to the Internal Revenue Service via electronic funds transfer," Arum told Rafael. "Top Rank has deposit confirmations for each payment. Top Rank has done the same for all U.S. endorsements it has facilitated on Manny's behalf."
But recent reports call this assurance into question. Fighthype.com, which actually broke the story of Pacquiao's tax issues, is also reporting that a lien has been placed on one of Pacquiao's properties in Los Angeles, California.

All of this paints the picture of someone who may not be above boxing's oldest sad tale, after all. And with just a handful of fights left in him, the multi-division champ is simply too old to start building his fortune again.
Will Manny Pacquiao's inspirational rags to riches story have a sad ending?
Here's hoping that these reports are just misunderstandings and that Pacquiao and his family will be sitting pretty for quite some time. It's tragic to hear of any fighter not being able benefit from his own hard-earned money.

[rudee]

Wow! what did Manny do with all this money?? Don't think he gave it all to charity..
Sad.. might have to move to Monte Carlo with the rest of the elite athletes.

[Condor]

Why do you think he fought in China??... Lol......

http://i1037.photobucket.com/albums/a456/ToroBread/manny-pacquiao-sumo-wrestler.jpg (http://media.photobucket.com/user/ToroBread/media/manny-pacquiao-sumo-wrestler.jpg.html)

[KIDWCKED]

if its true..im sure he will submit too ped test and less than 50% purse for pbf bout...;