Beyoncé might be facing additional encounters with the IRS.
The international superstar previously asserted that the organization unjustly imposed extra taxes and penalties on her. Nevertheless, the Internal Revenue Service has responded that its financial assessment is accurate.
She alleged that the agency demanded an incorrect tax amount of $805,850, along with penalty charges of $161,170 for 2018. However, in her petition, Beyoncé contended that if she indeed owes any taxes, the penalties should be exempted since she has displayed “reasonable and good faith” behavior.
Beyoncé also says that the agency wouldn’t allow her to claim deductions worth millions of dollars. Additionally, she added that the IRS declined her request to deduct $473,000 in legal fees and an additional $868,000 in charitable donations.
“We are working with the IRS and anticipate that the matter will be resolved shortly,” her lawyer, Michael C. Cohen, said.
Although the specific jurisdiction of the assessment remains undisclosed, it is thought to fall under the purview of the U.S. Tax Court. The IRS has refuted all claims put forth by Beyoncé and reaffirmed the validity of the $2.7 million tax obligation.
Furthermore, the governmental entity has dismissed the rejection of various deductions and charitable contributions asserted by Beyoncé. The IRS has urged for the endorsement of the initial assessment and the dismissal of the petition.
Nevertheless, Forbes estimates Beyoncé’s net worth to be approximately $500 million, and her Renaissance World Tour alone has generated $500 million. As the case remains unsettled, Beyoncé is under no obligation to pay the $2.7 million tax liability.
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