• Mon. Jun 17th, 2024

Beyonce Files Petition With IRS Disputing $2.7M in Taxes

Bynewsmagzines

Apr 28, 2023
Beyonce Files Petition With IRS Disputing $2.7M in Taxes

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Beyoncé is not happy with the taxes she owes — and now she’s asking the IRS to “Check On It.”

The superstar filed for a redetermination of roughly $2.7 million in taxes, plus penalties and interest on those taxes for 2018 and 2019.

The IRS estimates she owes $805,850 in taxes and $161,170 in penalties for 2018, and $1,442,747 in taxes and $288,549 in penalties for the taxable year 2019.

In the April 17 filing, the singer asks the IRS to reassess penalties handed to her in a January 18, 2023 Notice of Deficiency.

In her petition, the singer claims that the IRS did not allow her a tax break on upwards of $868,766 in charitable contributions and alleges that she has “acted reasonably and in good faith” and so should be exempt from the additional penalties.

Beyoncé is married to rapper Jay Z, whose real name is Sean Carter, and filed the petition as a single taxpayer. She did not name her husband in the filing.

The Notice of Deficiency gives 90 days from the date of notice (so in this case, April 17) to file a petition, and she will not have to make payments until the case is settled.

Beyoncé generates income in a slew of ways, including through her award-winning music career, touring, acting, and other appearances. Over the years, she’s had multiple endorsements with companies like L’Oreal, American Express, and Pepsi. She also launched her own fashion line, Ivy Park.

Beyoncé’s net worth is an estimated $500 million. Jay Z’s net worth is an estimated $1.3 billion, making their combined net worth as a couple just under $2 billion.

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