Beyoncé Files Petition With the IRS Disputing $2.7 Million in Taxes and Penalties
The singer is worth an estimated $500 million.
Beyonce's not happy about the taxes she owes, and she is now asking the IRS to check on it.
The superstar requested a redetermination for taxes of approximately $2.7 million, plus penalties and interests on these taxes for 2018 and 2019
IRS estimates that she owes $805 850 in taxes for 2018 and $161 170 in penalties, and $1,442,747 of taxes and $288 549 of penalties for 2019.
The singer requests that the IRS reassess the penalties she received in her January 18, 2023 Notification of Deficiency.
In her petition, she claims that the IRS has not allowed her to receive a tax deduction on charitable donations of up to $868,766. She also alleges that "she acted reasonably and with good faith", and should therefore be exempted from additional penalties.
Beyonce, who is married to Sean Carter (real name of Jay Z), filed the petition under her own name. She did not mention her husband.
The Notice of Deficiency allows 90 days (in this case April 17) from the date of the notice to file a complaint. She will not be required to pay until the case has been settled.
Beyonce earns money in many ways. She has a successful music career and tours, does acting, as well as makes other public appearances. She has had many endorsements over the years with companies such as L'Oreal and American Express. She launched her own clothing line, Ivy Park.
Beyonce has a net worth of approximately $500 million. Jay Z's estimated net worth is $1.3 billion. Their combined net worth, as a married couple, is just over $2 billion.