Thursday, June 20, 2024

Beyoncé Challenging IRS Over $2.7 Million Tax Liability

Beyoncé for Lion King

*Beyoncé is challenging the IRS over a $2.7 million in tax liability.

The superstar filed a petition to redetermine her multi-million dollar tax liability for 2018 and 2019, Forbes reports. The singer allegedly owes $161,170 in penalties and $805,850.00 in taxes for the taxable year 2018, per the Notice of Deficiency dated Jan. 18. Additionally, $288,549.40 in penalties and $1,442,747.00 in taxes are due for the year 2019. For both years, interest was charged by the IRS.

Bey filed a petition on April 17, asking the U.S. Tax Court court to reconsider the added tax and penalties assessed by the IRS in January. In her petition, Queen Bey claims the IRS disallowed millions of dollars worth of deductions for insurance, management fees, legal and professional services, utilities, taxes, and depreciation.

Per Fox News, Beyonce is disputing that “$868,766 attributable to a charitable contribution carryover reported in 2018 should be disallowed.”

READ MORE: Beyoncé Teams with Balmain for Renaissance Couture Collection

Beyoncé on stage

In addition, the petition reportedly states, “On information and belief, Respondent erred in determining that Qualified Business Income Deductions of $3,581 reported in 2018 and $14 reported in 2019 should be disallowed.”

Bey’s petition contests the penalties as well as the IRS’s finding that she failed to report $1,449 in royalty income in 2018.

In related news, Beyoncé’s BeyGOOD Foundation is offering $10K grants to small businesses and entrepreneurs, the Houston Chronicle reports. 

“The goal is to celebrate small business owners with relief grant opportunities and valued business support services offered by global partners to aid in business sustainability,” the foundation said.

In partnership with the National Minority Supplier Development Council, BeyGOOD is providing grants through the Black Parade Route program. Applications for the grants are on the foundation’s website.

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