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Celebrities, they’re identical to us. Singer-extraordinaire Beyoncé is headed to Tax Courtroom over a $2.7 million in tax penalties assessed by the Inside Income Service. In January, the megastar, who information her taxes individually from her equally gifted billionaire husband Jay-Z, acquired a Discover of Deficiency, claiming she owes over $1.4 million in unpaid taxes and over $288,000 in penalties for 2019, plus one other $805,000 in taxes and $161,000 in penalties for 2018.
Beyoncé is now combating again, alleging in her petition that the IRS disallowed hundreds of thousands of {dollars} in deductions, together with $868,766 in charitable contributions. She’s additionally contesting the assessed penalties as a result of she “has acted moderately and in good religion.” Along with her petition, Beyoncé additionally filed a request for trial in Los Angeles. “Not like a felony trial the place ‘harmless till confirmed responsible’ applies, the burden usually shifts to the petitioner (the taxpayer) to show why the IRS is mistaken or mistaken,” mentioned Cynthia D. Brittain, a companion at Karlin & Peebles, LLP in Los Angeles. “Often, each side will current sure ‘stipulated info’ to streamline the continuing so the listening to could be tailor-made for time financial system,” she added.
In response to a press release acquired by Enterprise Insider, Michael C. Cohen of De Castro, West, Chodorow, Mendler & Glickfeld, Inc., who’s representing Beyoncé within the matter, mentioned that they’re actively working with the IRS and the matter will probably be resolved shortly, indicating {that a} attainable settlement earlier than trial is feasible.
Penalties?
As for whether or not she’ll need to pay any penalties irrespective of the end result, Brittain explains, “the Inside Income Code, IRS rulings and case legislation present the kind of help {that a} taxpayer can present she or he relied upon to help that they acted moderately and in good religion. Additionally, the taxpayer in sure situations can declare that they relied on skilled recommendation for his or her place.” The Tax Courtroom choose takes all this into consideration, so likelihood is if Beyoncé did certainly act in good religion and didn’t merely evade paying taxes owed, she could also be spared the assessed penalties.
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