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Beyoncè may be a global superstar but like everyone else, she has to pay the IRS. But B says that she’s paying more than she should and is disputing a $2.7M bill.
The IRS told the Renaissance vocalist that she owed the amount for the tax years 2018 and 2019. Part of the disputed amount is a tax write-off for $868,766 which Beyoncè said was for charitable contributions. Apparently tax collectors didn’t agree, nor did they see eye to eye on deductions she made for professional services and legal and insurance fees.
B says that regardless she shouldn’t have to pay the penalties assessed because she acted “reasonably and in good faith.”
The 41-year-old singer filed her petition on April 17.
The specific numbers in the Notice of Deficiency are included in the petition, which was obtained by Page Six. Beyoncé is said to have owed $805,850 for 2018 and $1,442,747 for 2019. An additional $449,719.40 is to cover penalties accrued in those tax years.
In 2019, Yoncè signed a lucrative deal with Netflix for $60M which is one of the years at the heart of the dispute.
However, the difference between Beyoncè and regular folk aside from several hundreds of millions, is she can afford good lawyers.
“We are working with the IRS and anticipate that the matter will be resolved shortly,” her tax attorney Michael C. Cohen told the Post.
Beyonce’s reported net worth pales beside her husband’s. She’s worth $500M, he’s worth $2.5 billion. But in California where the couple resides, community property laws mean if they divorced, she’d be entitled to half of that amount. Their combined fortune may help them move up the world’s wealth list, which currently has Jay as the 1,210th wealthiest person in the world.
Interestingly enough, the Carters file taxes separately.
This year ought to add to the Carter coffers, as Beyoncè is set to take the stage for the Renaissance tour starting on May 10 in Stockholm. She’s scheduled to perform 57 dates in the U.S. and overseas from May through September. Earning projections for the tour are $300M.
See how Twitter’s reacting to Beyoncé battling it out with the IRS below.
