The global sensation contended that the IRS erroneously requested an extra $805,850 in taxes along with $161,170 in penalties as part of a tax dispute for the year 2018.
Beyoncé is presently embroiled in a tax dispute with the IRS concerning purportedly unfair tax assessments and associated penalties.
According to an article published by Baller Alert, Beyoncé is currently entangled in a tax dispute with the IRS over alleged unjust tax assessments and penalties. The international superstar claimed that the IRS wrongly demanded an additional $805,850 in taxes and $161,170 in penalties for the year 2018.
In the midst of this tax dispute, she argued that if she does owe taxes, the penalties should be waived due to her “reasonable and good faith” conduct.
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Beyoncé also asserted that the IRS denied her the ability to deduct millions of dollars, including $473,000 in legal fees and $868,000 in charitable donations. Her lawyer, Michael C. Cohen, expressed confidence in resolving the tax dispute matter with the IRS.
According to an article published by the Vibe, the exact jurisdiction of the assessment is undisclosed but likely falls under the U.S. Tax Court’s purview. The IRS has refuted Beyoncé’s claims and reaffirmed the validity of the $2.7 million tax dispute obligation.
They have also rejected her deductions and charitable contribution appeals, urging the endorsement of their initial assessment and the dismissal of her petition.
Despite this ongoing tax dispute, Beyoncé, with an estimated net worth of approximately $500 million and significant earnings from her Renaissance World Tour, is not currently obligated to pay the $2.7 million tax dispute liability. The resolution of this tax dispute matter remains pending.