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.?
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