Billionaire Beyonce Fighting $2.7 Million Tax Bill From IRS
April 27 2023, Published 2:05 p.m. ET
Beyonce has filed a petition in U.S. Tax Court as part of a dispute with the IRS over $2.7 million, RadarOnline.com has learned.
According to records obtained by RadarOnline.com, the legendary singer filed her case on April 17, 2023.
Beyonce asked the court to reconsider additional taxes and penalties the IRS said she owed.
In documents, it was revealed that the IRS claimed Beyonce owes $805k in additional taxes for 2018 and another $161k in penalties for the year.
In addition, Uncle Sam said $1,442,747 was owed in additional taxes for 2019 along with penalties in the amount of $288k.
Beyonce’s petition said the IRS made errors by disallowing millions of dollars worth of deductions.
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Beyonce has yet to speak on the tax case publicly. According to records, the singer asked for a trial to take place in California. The IRS has not responded to the case in court.
The news comes weeks after Beyoncé and her clothing line Ivy Park parted ways with Adidas. The sales for the line dropped to only $40 million last year despite Adidas projecting $250 million in sales.
Beyoncé was paid $20 million in annual compensation.
A source said Beyonce and Adidas had issues over creative control. Days after the announcement, the entertainer announced a new haute couture collection with French fashion house Balmain.
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“Thank you Olivier Rousteing (Balmain’s Creative Director) and Balmain for bringing RENAISSANCE to life in couture,” Beyonce wrote on social media. “Designing alongside you was freeing—thank you for allowing me to celebrate the human form, to take artistic risks, to push boundaries and to freely express myself.”
“2023 will be a year of transition to set the base to again be a growing and profitable company,” Adidas’ CEO said in a statement earlier this year after cutting ties with Kanye West and his Yeezy line.
The company dropped Kim Kardashian's husband after his antisemitic rants. In March, the company reported a loss of $540 million.
