Beyoncé filed a petition earlier this month in the United States Tax Court contesting nearly $2.69 million in tax and penalties, according to documents obtained by People Magazine.
The petition was filed after the IRS issued a Notice of Deficiency stating that she owes $805,850 for 2018 and $1,442,747 for 2019. Additionally, the organisation says she owes $449,719.40 in combined penalties from 2018 and 2019.
The singer-songwriter argued in her petition that this was an error on the IRS’ part and claimed that they refused millions of dollars of worth of deductions, including $868,766 attributable to a charitable contribution carryover reported in 2018.
The IRS claims that 20 percent of the amount is due in tax payment. The legal team for the Formation singer claims if there has been a deficiency in her tax payments, the Grammy-winning artist should not have to pay the penalty since she “has acted reasonably and in good faith.”
Beyoncé’s lawyer, Michael C. Cohen, said in a statement, “We are working with the IRS and anticipate that the matter will be resolved shortly.”
Beyoncé filed her petition as the sole taxpayer, and her husband, JAY-Z, is not included in the filing.
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.
Moreover, the outlet reported that the Break My Soul singer’s net worth was $450 million last year.
The singer is currently preparing to embark on her Renaissance World Tour next month. The concerts will kick off with a European leg from May 10th through June 28th, after which she’ll travel to the U.S. for shows from July 12th to September 27th, 2023.
[Via]
