BET reports that Matthew Knowles, father to singer and entertainer Beyoncé, is in trouble with the IRS. According to reports, Mr. Knowles allegedly failed to pay all of the taxes that he owed in tax year 2010 and tax year 2011. Specifically, Mr. Knowles allegedly owes the federal government $485,575.95 for 2010 income, and $728,004.89 for 2011 income, or a total of $1,213,580.84. Now, the IRS has issued a $1.2 million lien on Mr. Knowles’ property.
Mr. Knowles is allegedly no longer working with Beyoncé, according to a reported mutual agreement between father and daughter. However, during 2010 and 2011, he reportedly earned his income, at least in part, by working as Beyoncé’s manager. As Beyoncé’s manager, Mr. Knowles allegedly helped her build her multi-million net worth through promoting record sales, tours, endorsement deals, acting gigs, and clothing lines.
Mr. Knowles continues to run his own Music World gospel label, though he has allegedly fallen on hard times and is having a hard time keeping his business profitable. His daughter Beyoncé and her husband Jay-Z are supposedly the first billion-dollar couple in the music industry, with each spouse reportedly having a personal worth of more than $300 million.
Our Norman tax lawyers extend their best wishes to Matthew Knowles and encourage any Oklahoma tax payer who may be facing a similar problem to read our article, Having Tax Lien Problems in Oklahoma?, which is available for FREE on our website, along with other materials that could help you understand your tax issues.