BEYONCÉ ORDERED TO COUGH UP $2.7M PLUS INTEREST AS IRS BATTLE CONTINUES

Beyoncé may have to go a few more rounds with the Internal Revenue Service (IRS), as the federal tax agency has ordered the former Destiny’s Child leader to cough up an eye-watering sum.

OK! Magazine has reported that the IRS has stood by its initial assessment of the Queen’s past tax bill, and that “no errors” were made in its assessment.

Beyoncé expected to pay IRS $2.7M in taxes after her petition contesting  bill is rejected | Lipstick Alley

The IRS is demanding $805,850 in taxes and $161,170 in penalties for the year 2018, and $1,442,747 in additional taxes and $288,549.40 in penalties for 2019. What’s more, the IRS has promised to add compounded interest on top of Beyoncé’s tax bill until the debt is paid in full.

However, since the singer is planning to continue to contest the ruling, she will not have to pay anything until the final judgment from the federal court is handed down.

Beyoncé first filed her redetermination petition against the IRS back in April. As part of her suit, she alleged that the IRS miscalculated by disallowing millions of dollars of taxes, depreciation, management fees, utilities, and other deductions.

According to the superstar, “$868,766 attributable to a charitable contribution carryover reported in 2018 should be disallowed.”

The petition further stated: “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.”

Beyoncé also argued that the IRS was incorrect when it found she failed to report $1,449 in royalty income for 2018.

Also contested were penalties assessed by the IRS as a result of accuracy-related errors. Under IRS Code Section 6622, accuracy-related penalties are calculated at 20 percent of the portion of the underpayment of tax.

In both returns, Beyoncé claimed to have properly reported her royalties income and all deductions. Due to her “reasonable and good faith conduct,” the singer argued that accuracy-related penalties should not apply if any additional taxes are owed.

Beyoncé isn’t the only celebrity to have battled it out with the IRS. Throughout the years, Lil’ KimNas, and even Lil Pump have had issues with the federal tax agency.

Recently, too, Ne-Yo found himself in a jam with the IRS, with the federal agency alleging that he owed a massive seven-figure sum to Uncle Sam to the tune of $3,166,811.68 for 2020.

This federal tax lien came on the heels of him and his ex-wife Crystal Renay being slapped with a lien by the company Crowe Custom Countertops for work done to a property in Alpharetta, Georgia.

The former couple have also recently been hit with a separate lien over $4,000 in taxes they apparently owe to the City of Atlanta.

News

Brad Pitt’s Unfortunate News. The Legendary Actor Himself Made The Announcement

Brad Pitt has informed his followers about his latest health condition. The well-known actor has shown that he has a problem with identifying people’s faces. He suspects…

(N) Solange Breaks Silence: Jay Z’s Shocking Ban on Beyonce’s Communication with Her Revealed

In a recent interview, Solange Knowles, sister of pop icon Beyoncé, has divulged details about Jay Z, Beyoncé’s husband, allegedly prohibiting her from speaking to her own…

(N) Shocking Lawsuits: Jaguar Wright Exposes Jay-Z And Beyoncé’s Hidden Truths

Jaguar Wright is revealing explosive allegations against Jay-Z and Beyoncé. Find out why they could be facing lawsuits and learn more about the shocking claims in this…

(N) Warwick Davis brings his wife Samantha and children to the screening of Disney+ series Willow as he reprises his role 34 years on

Warwick Davis is reprising his role as Willow Ufgood 34 years on for a new Disney+ series.  And the actor, 52, brought his wife Samantha, 51, along with his daughter…

(N) BLUE IVY runs to her BOYFRIEND after getting the pregnancy test frm her FATHER.

BLUE IVY runs to her BOYFRIEND after getting the pregnancy test frm her FATHER. Today, we have an incredible story that will keep you on the edge…

(N) “pray for Beyoncé” DOCTOR Reveals her condition keeps getting WORST. only God can help her now.

In the face of adversity, diverse beliefs converge on a common ground – the power of prayer. Regardless of faith or background, let us collectively channel our…

End of content

No more pages to load

Next page

Related Posts

NBA

Veгy ιмpoгtaпt foг the Spuгs sιпce hιs aггιval, Chгιs Paul coпtιпues to delιght foг hιs пew fгaпchιse. He also develops a gгeat гelatιoпshιp aloпgsιde Vιctoг Weмbaпyaмa, aпd…

NBA – Vιctoг Weмbaпyaмa taгgeted by the ιllustгιous Aloпzo Mouгпιпg? “I doп’t lιke…

Abseпt foг thгee gaмes пow foг the Spuгs, Vιctoг Weмbaпyaмa ιs ιпevιtably less talked about ιп the NBA. Howeveг, ιt could be that the legeпd Aloпzo Mouгпιпg…

Joel Eмbιιd’s Leadeгshιp Skιlls Expose “Woггιsoмe” Realιty Afteг Faιluгe to Leaгп Lockeг Rooм Ethιcs Fгoм LeBгoп Jaмes aпd Stepheп Cuггy

It’s a coмplete мess ιп Phιlly. Joel Eмbιιd aпd Co.’s effoгts so faг thιs seasoп have beeп пothιпg shoгt of uпdeгwhelмιпg. To мake мatteгs woгse, the fгaпchιse ιs dealιпg…

NBA – Afteг 13 gaмes, Dwιght Howaгd’s advιce to Vιctoг Weмbaпyaмa: “He caп’t…

Vιctoг Weмbaпyaмa’s staгt to the seasoп ιs paгtιculaгly coммeпted oп ιп the NBA мιcгocosм. It мust be saιd that he has adopted a пew style of play…

Wιth LeBгoп Jaмes Accused of Medιa Maпιpulatιoп, Jaleп Bгuпsoп Takes Meaпιпgful Staпd Oveг Stepheп A. Sмιth’s Debate

A faгewell мessage, aпd just lιke that, LeBгoп Jaмes dιsappeaгed fгoм socιal мedιa. Howeveг, he мade suгe to cιte мedιa toxιcιty as the гeasoп foг hιs depaгtuгe, leavιпg…

“We Doп’t Actually Caгe”: Eммaпuel Acho Takes a Dιg at LeBгoп Jaмes Foг Aппouпcιпg Socιal Medιa Detox

Thгoughout the gгuelιпg 82-gaмe NBA seasoп, socιal мedιa could be detгιмeпtal to oпe’s мeпtal health, aпd ιt seeмs LeBгoп Jaмes гequιгed a мuch-пeeded bгeak. The Lakeгs staг…