May 9, 2023

Cynthia Brittain Discusses Beyoncé’s Tax Troubles With Wealth Management

Cindy Brittain was recently quoted in Wealth Management’s article “Beyoncé Is Contesting a $2.7M Tax Bill From the IRS” which examines the recent news that the singer owes the IRS millions of dollars in taxes and penalties dating back to 2018. In response to the accusations, Beyoncé has filed a request for a trial, alleging the IRS disallowed millions of dollars in deductions, including charitable contributions. Cindy explains the trial will revolve around Beyoncé’s ability to prove the IRS’s wrongdoing, saying “Unlike a criminal trial where ‘innocent until proven guilty’ applies, the burden often shifts to the petitioner (the taxpayer) to prove why the IRS is wrong or mistaken.”

She continued to explain Beyoncé’s argument of having “... acted reasonably and in good faith,” could work in her favor. Cindy told Wealth Management, “the Internal Revenue Code, IRS rulings and case law provide the type of support that a taxpayer can show he or she relied upon to support that they acted reasonably and in good faith. Also, the taxpayer in certain instances can claim that they relied on professional advice for their position.”

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