- Beyoncé has filed a petition with the US Tax Court to contest almost $2.69 million in tax and penalties.
- The singer claims that the IRS refused millions of dollars of deductions and that the Notice of Deficiency was an error on its part.
- Beyoncé’s legal team stated that she should not have to pay the penalty since she acted reasonably and in good faith.
Beyoncé, the renowned singer-songwriter, has filed a petition with the United States Tax Court to contest almost $2.69 million in tax and penalties. According to documents obtained by People Magazine, the IRS issued a Notice of Deficiency stating that she owes $805,850 for 2018 and $1,442,747 for 2019. Additionally, the organisation claims she owes $449,719.40 in combined penalties from 2018 and 2019.
In her petition, Beyoncé argued that the IRS refused millions of dollars of deductions, including $868,766 attributable to a charitable contribution carryover reported in 2018, and claimed that the Notice of Deficiency was an error on the part of the IRS.
The legal team for the singer also stated that if there was a deficiency in her tax payments, she should not have to pay the penalty since she acted reasonably and in good faith. Beyoncé’s lawyer, Michael C. Cohen, stated that they are working with the IRS to resolve the matter shortly.
Forbes reported that once the petition is filed, a taxpayer typically doesn’t have to pay the underlying tax until the case has been decided. It also reported that the Break My Soul singer’s net worth was $450 million last year. However, her husband JAY-Z is not included in the filing.
Beyoncé is currently preparing to embark on her Renaissance World Tour next month, with concerts starting from May 10th through June 28th in Europe, followed by shows from July 12th to September 27th, 2023, in the US.
Beyoncé tax controversy FAQs
What is the basis of Beyoncé’s petition with the US Tax Court?
Beyoncé’s petition is based on her claim that the IRS refused millions of dollars of deductions and that the Notice of Deficiency was an error on its part.
Does Beyoncé have to pay the underlying tax while her case is pending?
According to Forbes, once the petition is filed, a taxpayer typically doesn’t have to pay the underlying tax until the case has been decided.
What is Beyoncé’s net worth?
Forbes reported that Beyoncé’s net worth was $450 million last year.
