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Beyoncé files in Tax Court against IRS

April 27, 2023
in Accounting
Reading Time: 2 mins read
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Beyoncé files in Tax Court against IRS
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Beyoncé

Kevork Djansezian/Getty Images

Beyoncé Knowles-Carter, a.k.a. Beyoncé or Queen Bey, has petitioned the U.S. Tax Court to contest nearly $2.7 million in federal tax and penalties.

Filed on April 17, the petition asks the court to reconsider additional tax and penalties assessed by the IRS in a January 18 notice of deficiency.

The IRS alleges that the music and business megastar owes $805,850 in additional tax and a $161,170 penalty for 2018, and $1,442,747 in additional tax and a $288,549.40 penalty for 2019, as well as interest. 

Knowles-Carter reportedly disputes the deficiency, claiming the IRS erred in disallowing millions of dollars’ worth of deductions, including $868,766 attributable to a charitable contribution carryover reported in 2018.

She also claims the penalties do not apply because she “has acted reasonably and in good faith” and the IRS was incorrect in finding she failed to report $1,449 in royalty income in 2018.

The petition includes a request for a place of trial in Los Angeles.

Credit: Source link

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