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