📋 The IRS Rule That Got Beyonce in Trouble

Summary

This video discusses the IRS audit of Beyonce's taxes, where nearly $900k in charity deductions and $1.2 million in business expenses were disallowed due to insufficient documentation. The key takeaway is the importance of keeping accurate records and receipts to substantiate all deductions, especially for charitable contributions, ensuring the charity is registered with the IRS under 501(c)3 or 501(c)4.