Friday, May 24, 2024

Beyoncé’s Tax Trial Postponed Amid $3M IRS Dispute

Beyoncé iHeartRadio Music Awards (Amy Sussman-Getty Images via CNN Newsource)
Beyoncé iHeartRadio Music Awards (Amy Sussman-Getty Images via CNN Newsource)

*Beyoncé’s tax trial was postponed after the superstar filed a motion for continuance earlier this month. 

RadarOnline reports that the trial date has been removed from the calendar. We reported previously that Beyoncé is challenging the IRS over $2.7 million in tax liability.

Forbes reported that the married mother of three filed a petition last year asking the U.S. Tax Court court to redetermine her multi-million dollar tax liability for 2018 and 2019. Bey allegedly owes $161,170 in penalties and $805,850.00 in taxes for the taxable year 2018. Additionally, $288,549.40 in fines and $1,442,747.00 in taxes are due for 2019. The IRS charged interest for both years.

Bey claims the IRS disallowed millions of dollars of deductions for insurance, management fees, legal and professional services, utilities, taxes, and depreciation.

She is contesting the disallowance of $868,766, attributed to a charitable contribution carryover reported in 2018.

Beyoncé (Kevin Mazur-WireImage-Getty Images)
Beyoncé (Kevin Mazur-WireImage-Getty Images)

The petition 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.”

As Radar reports, Beyonce contested a Notice of Deficiency by filing a petition challenging the tax and penalties.

“This case is stricken from the trial session. Jurisdiction is retained by the undersigned. The parties shall file a status report or proposed stipulated decision by 07/05/24,” noted the docs Judge Maurice B. Foley signed, per Radar.

Beyoncé filed a motion for continuance on April 2, but the IRS did not object.

Lawyer Michael C. Cohen, who represents the singer, said previously in a statement, “We are working with the IRS and anticipate that the matter will be resolved shortly.”

READ MORE: Beyoncé Challenging IRS Over $2.7 Million Tax Liability

We Publish News 24/7. Don’t Miss A Story. Click HERE to SUBSCRIBE to Our Newsletter Now!

YOU MAY LIKE

SEARCH

- Advertisement -

TRENDING