April 27, 2023
Beyoncé Files Petition In Tax Court Contesting $2.7 Million In Taxes and Penalties
There is no debate about Beyoncé Knowles-Carter being one of the greatest entertainers of all time; however, she’s also proven herself to be one of the most astute businesswomen in the industry. With a diverse portfolio that includes Parkwood Entertainment, a majority stake in TIDAL, the vegan on-demand delivery service 22 Days Nutrition, and a lucrative $60 million deal with streaming giant Netflix, the Queen of the Carter dynasty has built an empire that is all her own.
And it seems that she’s unafraid to take on the Internal Revenue Service to protect it.
According to Forbes, the “Formation” singer has filed a petition in U.S. Tax Court contesting nearly $2.7 million in tax and penalties. The petition, filed early this month, seeks to have the court reconsider additional fees assessed by the IRS in January 2023 through a Notice of Deficiency. The notice alleges that $805,850.00 in additional tax, together with $161,170 in penalty, is owed for 2018, and $1,442,747.00 in additional tax, together with $288,549.40 in penalty, is owed for 2019, according to Forbes.
Beyoncé is disputing the deficiency with claims that allege the IRS failed to allow a bevy of deductions, including $868,766 attributable to a charitable contribution reported in 2018. She also is contesting penalties that have been added to the amount she owes, which are 20% of the underpayment of tax by IRS statute. The Parkwood CEO argues in her petition that the extra penance should not apply as she “has acted reasonably and in good faith.”
The 41-year-old singer is gearing up to embark on a world tour for her groundbreaking album, Renaissance. After releasing no visual component for the 16-track house and electronic masterpiece, tickets for the 57-show tour have been highly coveted, with fans willing to spend thousands of dollars to experience the album live. The Renaissance World Tour kicks off on May 10 in Stockholm, Sweden.