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In EPL news, the assessment period for which Everton have been charged covers four seasons from the start of 2018/19 to the end of 2021/22.
Everton are only the second club to be charged with breaking Premier League financial rules after Manchester City were charged last month.
The Merseysiders recorded losses of £371.8m over the past three years. Premier League rules allow clubs to lose a maximum of £105m over three years.
Clubs who break the Premier League's Financial Fair Play rules can be fined or deducted points.
In a club statement, Everton said they were "disappointed to hear of the Premier League's decision.
"Everton is prepared to robustly defend its position to the commission. The club has, over several years, provided information to the Premier League in an open and transparent manner and has consciously chosen to act with the utmost good faith at all times."
Also n EPL news the Premier League has referred the alleged breach to Murray Rosen KC, who is the chair of the Premier League Judicial Panel.
Rosen will establish a three-member panel who will form the independent commission. These members can be selected from the 15 members of the Judicial Panel, but they can also be non-members.
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The commission will hear representations from both sides in private behind closed doors. Its judgment will be published on the Premier League website.
Either party, the Premier League or Everton, could appeal that judgment.
In the event of an appeal, Rosen would appoint an appeal panel made up of new people. There are currently six members of the Premier League Appeal Panel.
Clubs have been allowed to write off losses caused by the pandemic; in their latest accounts, Everton said £170m of their losses were caused by the pandemic and more.