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| Credit: Beyoncé/Instagram |
The petition seeks reconsideration of the additional tax and penalties assessed by the IRS on January 18, 2023, according to ET.
Disputed Tax Assessment and Penalties
The Notice of Deficiency issued by the IRS indicates that Beyoncé owes an additional tax of $805,850 and a penalty of $161,170 for 2018.
For the tax year 2019, the IRS assesses an additional tax of $1,442,747 and a penalty of $288,549.40, both with interest.
Beyoncé argues that the IRS made an error and disallowed millions of dollars' worth of deductions, including $868,766 related to a charitable contribution carryover reported in 2018.
In her petition, Beyoncé contests the assessed penalties, citing that she acted in good faith, and therefore the penalties should not apply.
Petition Filed as a Sole Taxpayer
Beyoncé filed the petition as the sole taxpayer, and her husband, JAY-Z, is not included in the filing.
Forbes reports that once a petition is filed, the taxpayer typically does not have to pay the underlying tax until the case has been decided.
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