Beyoncé has filed a petition in U.S. Tax Court, seeking a redetermination of her tax liability assessed by the IRS for the years 2018 and 2019.
According to Forbes, the 41-year-old mother of three filed a petition for nearly $2.7million in tax liability imposed by the IRS in a “Notice of Deficiency.”
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An additional $805,850.00 in taxes and $161,170 in penalties were assessed to the Reinassance hitmaker in 2018, according to the notice dated on January 18.
For 2019, the bureau also determined that $1,442,747.00 in additional taxes and $288,549.40 in penalties were due, as well as charging interest for both years.
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As part of her suit, Beyoncé alleged that the IRS miscalculated by disallowing millions of dollars of taxes, depreciation, management fees, utilities and other deductions.
According to the star singer, “$868,766 attributable to a charitable contribution carryover reported in 2018 should be disallowed.”
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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.
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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 argues that accuracy-related penalties should not apply if any additional taxes are owed.
In other Beyoncé-related news, Megan The Stallion recently revealed that the singer made her change her verse on the remix of “Savage” before it dropped.
During her recent interview with ELLE, Meg talked about working Bey on their collaborative single and said the R&B superstar asked her to amend her original lyrics due to how explicit they were.
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“Beyoncé probably so tired of me saying her name,” Megan said. “So, we were in quarantine at this time. Beyoncé did the remix, I didn’t believe she was actually gonna do it, but she did it and my mind was blown.
“I called my granny, me and my manager was in my living room going crazy. Beyoncé was like, ‘Could you please make your verse like a little bit a cleaner?’ I went in my living room and I recorded it right then. Beyoncé didn’t have to tell me twice, I sent that verse right back!”
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She continued: “But it was amazing. Everybody knows that I am obsessed with Beyoncé, so when I got the collab, like being from Houston with her, I was just appreciative.
“When I saw people dancing to the song, vibing to it, loving it, how many famous people was dancing to the song, I was like, ‘Oh my God, y’all know me!”
