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Accuracy Related Penalties

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Beyoncé challenges $2.7 million tax bill from IRS.
business3 years ago

Beyoncé challenges $2.7 million tax bill from IRS.

Beyoncé is challenging the IRS in U.S. Tax Court over a $2.7 million tax liability imposed by the bureau for the years 2018 and 2019. The singer alleged that the IRS erred by disallowing millions of dollars in deductions for insurance, management fees, legal and professional services, utilities, taxes, depreciation, and other expenses. She also disputed the accuracy-related penalties assessed by the IRS and contended that she acted reasonably and in good faith.