$3 Million Tax Dispute: Pop Icon Fights IRS in High-Profile Showdown!

Beyoncé Challenges IRS in $3 Million Tax Dispute, Trial Delayed

Beyoncé Challenges IRS Over $3 Million Tax Bill Amid Dispute on Deductions

Beyoncé Knowles, a singer, is suing the IRS for allegedly making mistakes in denying her $3 million tax due, citing disallowances on her 2018 and 2019 forms. According to the IRS, she owes nearly $3 million in additional taxes and penalties for both years, with interest that will continue to accrue until the obligation is settled. Beyoncé contests the IRS’s decision to deny her deductions, which includes about $869,000 linked to a carryover of charitable contributions from 2018. The trial was originally scheduled for May, but it has been postponed because of a ruling from April 4.

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$3 Million Tax Dispute: Pop Icon Fights IRS in High-Profile Showdown! (PHOTO: RadarOnline)

Beyoncé Faces New Tax Reporting Requirement Amid Debates Over Threshold Limits

Beyoncé must comply with a new tax regulation that mandates that anyone earning more over $600 from settlement companies like Ticketmaster or Venmo report it in addition to her tax dispute. Before, only people who made at least 200 transactions a year and earned more than $20,000 were obliged to record their earnings. The IRS will now require everyone earning $600 or more to disclose it, which should result in an increase in 1099-K tax forms. Congress is debating returning the threshold to $20,000, but no decision has been made as of yet.

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