Beyoncé Knowles-Carter, an entertainer and record producer, received a Notice of Deficiency from the IRS on January 18, 2023. According to the Notice of Deficiency, first reported by Forbes, Beyoncé owes $805,850.00 in additional tax and $161,170 in penalties for 2018.
She also owes $1,442,747.00 in extra tax and a penalty of $288,549.40 for 2019. The newspaper also mentions that interest is due on those amounts.
However, the musician has filed a petition in court challenging the nearly $2.7 million in tax and penalties, asking the court to reconsider additional tax and penalties assessed by the IRS on the Notice of Deficiency on January 18, 2023.
She argues that the IRS “erred in disallowing millions of dollars’ worth of deductions, including $868,766 attributable to a charitable contribution carryover reported in 2018.” She further claims that if any taxes are owed, the penalties should not be imposed because she “acted reasonably and in good faith.”
The singer filed the petition as a lone taxpayer, leaving out her husband, Jay-Z. He is still one of the world’s highest-paid singers, with an estimated net worth of $1.2 billion and a variety of enterprises under his belt.
Michael C. Cohen of De Castro, West, Chodorow, Mendler & Glickfeld, Inc. is her attorney. According to Forbes, while the cases are due to go to trial shortly, the majority of tax matters are settled out of court.
Beyoncé began to prominence as the main vocalist of Destiny’s Child, but she has since evolved into a larger-than-life phenomenon. Her and her husband, Jay-Z, have a combined net worth of $2 billion. According to Forbes, she has a personal net worth of $400 million.
Beyoncé, like her millionaire husband, made a career and fortune both inside and outside of the studio. She and her spouse have co-invested in a number of firms, including those in which she is the sole shareholder.
She debuted the House of Dereon, a contemporary women’s fashion line. The sportswear, jeans with fur, purses, and footwear were the mainstays of the fashion line.
In 2015, she launched 22 Days Nutrition, an on-demand meal delivery service based on vegan food culture.
Beyonce also has her own fragrance brand, Beyonce Heat. According to Forbes, she profited $400 million from the product.
The music streaming service Tidal is maybe the most important business. According to sources, the site provides a portion of her income.
Beyoncé generates money from other sources other from her businesses, such as endorsement deals and social media posts. She became one of the top two highest-paid Black celebrities on Instagram.
Beyonce secured a $60 million contract with Netflix in 2019, which broadcast her Coachella performance. She has also been the face of brands such as Giorgio Armani and the launch of Tommy Hilfiger’s Truestar fragrance.
She also has a collaboration with Adidas. The music legend also owns a streaming music business, has been a spokesmodel for L’Oreal, endorses Pepsi, and is involved in film development. She recently stated that she would be investing in a hemp farm in order to produce her own CBD.
Beyonce and Jay-Z have purchased “The Boat Tail,” the world’s most costly car, made by Rolls-Royce. They reportedly paid an estimated $28 million for the custom-built luxury automobile.
The car is said to be a rare collector’s item, with only three in existence. Torsten Müller-Ötvös, CEO of Rolls-Royce Motor, described The Boat Tail as the company’s “most ambitious project yet.”