Tax lien issued vs Pacquiao in US?

MANILA, Philippines - While Manny Pacquiao’s battery of lawyers, accountants and advisers are working on his tax woes in the United States, a document obtained by a reputable boxing website shows that a notice of federal tax lien has already been issued against the Filipino boxer.

A copy of the document dated Nov. 22, 2013 was posted by www.fighthype.com yesterday.

A federal tax lien is the government’s legal claim against a property, which may include real estate, personal property of financial assets, when one fails to pay a tax debt. 

Failure to settle the tax debt gives the IRS (Internal Revenue Service) the right to “levy, seize and sell” the property which the other party owns or has any interest in.

Pacquiao has a couple of real estate properties in the United States and must own several bank accounts as well.

The tax lien addressed to Emmanuel D. Pacquiao says that there’s an alleged failure to pay taxes from 2006 until 2010 amounting to over $18.3 million.

But Pacquiao said he’s unfazed because they’re working on the situation. In fact, he has scheduled a family vacation in the US this month.

Pacquiao said his promoter, Bob Arum, has been paying his taxes. He also said he has nothing to hide and that he’s not a thief.

Pacquiao’s chief adviser, Mike Koncz, said it’s an ongoing situation, and that they’re working with the IRS on huge tax deductions for the boxer for the specified years.

“There is no final assessment yet on the exact amount from the IRS,” he said.

“We’re not covering or hiding anything. This is ongoing. Everything is transparent,” said Koncz,

Pacquiao, a congressman, is also facing problems with the BIR (Bureau of Internal Revenue) in the Philippines for his alleged failure to pay taxes for the years 2008 and 2009.

Pacquiao, once the country’s No. 1 taxpayer, said his tax woes back home is the work of people either jealous of him or those who want to destroy his credibility as a public official.