Looks like Syagrus romanzoffiana. Better off just cutting it down.

Guess it depends on how attached to that palm you are. Queen Palms are very common and grow fast. That would save any issues about the existing tree if you just replaced it. Lots of palms split near the ground and produce roots from the splits. I raised the soil around a clump of mature palms, but only about half the depth you're talking about, and no worries. In fact I think they liked it. So probably much the same with Queens, but I don't know from experience with that actual species.

I think the safest bet is to build your planting bed around the tree if you want to keep your Queen palm from potential damage, but since they are cheap palms to replace, you could risk burying the base in the garden bed dirt and hoping for the best. Queen palms are hard to keep looking healthy and it looks like yours is healthy so while the palms are common, healthy specimens are not as common so I definitely would try your best to keep it happy if you really like the palm!
Good luck!
-Alex

Thanks for the input! The palm is in an alley that would be quite a bit uglier without it so I think I'm going to do what I can to keep it healthy and keep the base free of dirt. If I change my mind and bury it, I will try to remember to post follow ups on whether it survives or not!