Monday, September 4, 2023

Beyoncé Refuses To Pay $2.7M Tax Bill To The IRS, Despite $500M Renaissance Tour 

The IRS has issued a response to Beyoncé’s claims of an unjust tax bill of $2.7 million, sticking by their assessment and denying any errors in their calculations, as reported by RadarOnline.

The Grammy winner, 41, previously spoke out against the tax bill , saying that the IRS demanded an additional $805,850 in taxes and $161,170 in penalties for 2018, and $1,442,747 in taxes and $288,549.40 in penalties for 2019.

The “Cuff It” hitmaker also alleged that the IRS plans to add interest on the debt until it is paid in full. The IRS is challenging the mom of three’s claims within the legal framework of the U.S. Tax Court.
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The IRS Stands Firm in Assessing Beyoncé's Taxes

Beyoncé had filed a petition seeking to challenge the assessment and seek rectification for an alleged error, stating that the agency's numbers were incorrect and that they prevented her from claiming millions of dollars' worth in deductions.

The "Break My Soul" crooner also claimed that the government messed up in calculating that “Depreciation of $3,326,103" reported on her 2019 tax returns wouldn't be allowed.
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While the exact location of the assessment is unknown, it is believed to be within the jurisdiction of the U.S. Tax Court. The IRS has denied each and every allegation made by Beyoncé and stood by the $2.7 million tax bill.

The government entity has also denied the disallowance of numerous deductions and charitable contributions made by Beyoncé. The IRS has requested that the original assessment be approved, and the petition be denied.
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Forbes estimates Beyoncé's net worth to be around $500 million, with her Renaissance World Tour generating $500 million on its own. While the case remains unresolved, Beyoncé is not obligated to pay the $2.7 million tax bill.

The dispute between Beyoncé and the IRS continues, and the "Irreplaceable" singer will have to find a way to overcome this challenge and reach a resolution with the government agency.

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