Manny Pacquiao may have something extra to celebrate this christmas with news that the IRS are in the process of returning property and bank accounts that were seized as part of an investigation into unpaid taxes by the Filipino superstar.
Talking to the Manila Standard Today, Pacquiao’s tax attorney Steven Toscher said: "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.”
A federal Tax Lien is explained on the IRS website “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.”
The Lien against Pacquiao which was filed on Nov. 22, 2013 and supposes an amount of over $18m stated "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 continued “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.”
