PACQUIAO?S FEDERAL TAX LIEN IS BEING RELEASED BY THE IRS
By Ronnie Nathanielsz
PhilBoxing.com
Mon, 30 Dec 2013
The top-notch lawyer and tax counsel of ?Fighter of the Decade? Manny Pacquiao, Atty. Steven Toscher has informed the Manila Standard that the lien placed on the properties and US bank accounts of Pacquiao ?is in the process of being released by the Internal Revenue Service.?
At the same time Toscher referred to the numerous public reports about tax issues involving boxing superstar Manny Pacquiao and stressed that ?many of those reports have contained inaccurate and misleading information and were triggered by the filing of a federal tax lien.?
He said The lien is in the process of being released by the Internal Revenue Service.
It was reported earlier that a Federal Tax Lien dated November 22, 2013 was filed with the Official Recorders Office in Los Angeles, California in which it said ?as provided by Section 6321, 6322 and 6323 of the Internal Revenue Code we are giving a notice that taxes including interest and penalties have been assessed against Emmanuel D. Pacquiao.?
It said ?we have made a demand for payment of this liability but it remains unpaid. Therefore, there is a lien in favor of the United States on all property and rights to property belonging to this taxpayer for the amount of these taxes and the additional penalties, interest and costs that may accrue.? The amount had been placed at $18.3 million.
The IRS website describes a federal tax lien as ?the government?s legal claim against your property when you neglect or fail to pay a tax debt. A lien protects the government interest in all your property including real estate, personal property and financial assets. A federal tax lien exists after the IRS assesses a liability.?
Toscher, of Hochman Salkin Retting Toscher & Perez, P.C., has been working with the IRS and he and Manny?s counsel, David Marroso of O?Melveny and Meyers, stated that ?the IRS has abated the tax assessments against Manny which triggered the filing of the lien and has released or is in the process of releasing all federal tax liens and levies.?
At the same time Toscher stated that ?Manny is serious about his tax obligations and will continue to work with the IRS to resolve any outstanding tax issues.?
Both Atty. Toscher and Atty. Marriso emphasized that ?matters regarding Manny?s finances and tax matters are confidential, and both the IRS and his advisors have respected his privacy and continue to focus their attention on the facts, not misleading rumors perpetuated by others.?
Click here to view a list of other articles written by Ronnie Nathanielsz.
Recent PhilBoxing.com In-House articles:
The Past Week in Action 21 April 2025: Fundora KOs Badillo, Retains Undisputed Belts; Smith UD Germain; Kovalev Returns with a Win
By Eric Armit, Tue, 22 Apr 2025Bantamweight Anthony Garnica Scores TKO Against Aston Palicte to Remain Undefeated
Tue, 22 Apr 2025Higher Seeds New York, Denver Fall in Playoffs Second Games to Detroit Pistons, LA Clippers
By Teodoro Medina Reynoso, Tue, 22 Apr 2025Young Gildo: The Baguio Bearcat
By Emmanuel Rivera, RRT, Tue, 22 Apr 2025Filipino International Master Paulo Bersamina places solo runner-up in the 22nd Bangkok Chess Club Open in Thailand
By Marlon Bernardino, Tue, 22 Apr 2025Female Amateur Boxing Star Sar’ai Brown-El Signs with Split-T Management
Tue, 22 Apr 2025Apolinario to fight Hu in Japan
By Lito delos Reyes, Mon, 21 Apr 2025Warriors Shoot Down Rockets, 95-85 as Celtics, Cavaliers, Thunder Take Care of Business
By Teodoro Medina Reynoso, Mon, 21 Apr 20252025 USA Boxing International Open Finalized on Saturday
Mon, 21 Apr 2025Verano to face Thai in Clash of Nations on April 24
By Lito delos Reyes, Mon, 21 Apr 2025Masangkay to fight Ocampo in JAS on April 23
By Lito delos Reyes, Sun, 20 Apr 2025Denver Holds Off LA Clippers in OT, 112-110
By Teodoro Medina Reynoso, Sun, 20 Apr 2025Arca clinches 3rd and final IM norm; Guns for GM norm in last round
By Marlon Bernardino, Sun, 20 Apr 2025IN HER GOLDEN GIRL ERA: GABRIELA “SWEET POISON” FUNDORA SUCCESSFULLY DEFENDS UNDISPUTED TITLE AGAINST MARILYN BADILLO
Sun, 20 Apr 2025Fundora Retains Undisputed Flyweight Titles; Perez Shocks Conwell in Oceanside
Sun, 20 Apr 2025