The IRS has responded to Beyoncé’s claims of an unfair $2.7 million tax bill by standing by their assessment and rejecting any mistakes in their computations.The Grammy winner, 41, previously spoke out against the tax bill, claiming that the IRS demanded more taxes and penalties totaling $805,850 for 2018 and $288,549.40 for 2019.The “Cuff It” singer claimed that the IRS intends to keep adding interest to the debt until it is fully paid.The claims of the mother of three are being contested by the IRS in accordance with the rules of the U.S. Tax Court..
The IRS Stands Firm in Assessing Beyoncé’s Taxes
Beyoncé claimed that the agency’s calculations were flawed and barred her from deducting millions of dollars in expenses in her petition to contest the assessment and request rectification for an apparent error.The singer of “Break My Soul” also asserted that the government erred in determining that “Depreciation of $3,326,103” declared on her 2019 tax filings wouldn’t be permitted.Although the assessment’s precise location is uncertain, it is assumed to be under the U.S. Tax Court’s purview.The IRS has refuted every claim made by Beyoncé and maintained its position on the $2.7 million tax bill.
The government body also rejected claims that Beyoncé’s various deductions and charity contributions should have been disallowed.The IRS has asked that the petition be dismissed and the initial assessment be approved.Beyoncé’s Renaissance World Tour brought earned $500 million on its own, according to Forbes, bringing her net worth to approximately $500 million.n. Beyoncé is exempt from the obligation to pay the $2.7 million tax bill as long as the lawsuit is still pending.Beyoncé and the IRS are still at odds, and the “Irreplaceable” singer will need to find a solution to this problem and resolve it with the government agency.
How much is Beyonce expected to spend?
According to sources, Beyoncé may soon be required to pay the IRS $2.7 million.
The international diva had before alleged that the institution had wrongfully assessed her with additional taxes and fines. According to documents obtained by RadarOnline, the Internal Revenue Service has responded by claiming that their financial assessment is correct.
She actually owes $2.7 million in taxes and interest. Additionally, the agency rejects any misconduct on their part. According to the financial institution, the government “generally denied each and every allegation in [Beyoncé’s] petition.” The singer’s petition should be denied, according to an IRS attorney, and the initial financial records should stand.
The Renaissance singer contested the agency’s Notice of Deficiency in May 2023. The court judgment required her to pay $288,549.40 in penalties and interest on top of $1,442,747 in unpaid taxes for 2019. According to Forbes, these fines are mandated by law and equal 20% of the amount of the tax underpayment.
According to Queen Bey, the bureau requested an erroneous tax fee of $805,850 in taxes and $161,170 in penalties for 2018. However, Bey stated in her plea that even if she owes taxes, the fines shouldn’t be imposed because she “has acted reasonably and in good faith.”
Bey added that the organization had prohibited her from making “millions of dollars’ worth of deductions.” Beyoncé claimed that the IRS prevented her from deducting $868K in charitable contributions and $473K in legal bills.
Beyoncé is not the first public figure to run foul of IRS tax expectations in recent times. Celebrities including Lauryn Hill, Steve Harvey, Wesley Snipes, Sinbad, Fat Joe, Toni Braxton, Lil Wayne, and Chris Tucker are some of the most notable names on IRS’ list of tax defaulters. Tax-paying should be a top priority for high incomes even though the IRS is initiating audit investigations at a slower rate as a result of a labor scarcity. These famous people can vouch for that.
