Ever since the music icon’s passing in 2016, his estate has seen an influx in cash which has reportedly gotten the attention of the IRS.
Reports have the IRS claiming that the managers of Prince’s estate grossly undervalued the estate’s worth which in turn reduces the expected tax charges. The IRS believes the actual worth of the estate is around the $160 million mark and will see the estate pay nearly double what was initially set to be paid.
Allegedly the estate is currently being asked to pay a new tax amount of $32.4 million to the government following the new appraisal by the IRS with a penalty of $6.4 million for the presumed original undervaluation.
However, Prince’s estate has every intention to fight these new findings and tax filing in the summer as they claim that the IRS’s newly appraised figures are incorrect.
Prior to the icon’s passing of a Fentanyl overdose, he reportedly had no known will which in turn leaves his estate to be inherited by his sister and five half-siblings.