Being father and manager to one of music's biggest stars has its payoffs, but reportedly Matthew Knowles hasn't given the IRS its full cut. Knowles, who severed business ties with Beyoncé in 2011, has been slapped with a $1.2 million tax lien for non-payment dating back to 2010.
According to the financial breakdown, Knowles owes $485,575.95 for 2010 income, and $728,004.89 for 2011, bringing his grand total to $1,213,580.84.
Bey dropped her dad as manager just as rumors of his infidelity and having a lovechild with a woman half his age became more prevalent. "It was hard for me to let her go," he told U.K. publication The Sun of ending the business relationship, explaining that the decision was mutual. "Let's be clear on that. She didn't let me go, we both let each other go. That's a big difference."
During their time together, Knowles helped the superstar amass a multi-million fortune by way of record sales, successful tours, endorsement deals, acting gigs and clothing lines. In 2010, the 31-year-old singer placed second on Forbes' Celebrity 100 list, bringing in $86 million over the span of a year. Today, she and hubby Jay-Z are music's first billion-dollar couple, each holding a personal net worth above the $300 million mark.
Knowles, the father, continues to run his Music World gospel label but has fallen on hard times. He is said to be struggling to keep the business afloat.
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(Photo: Claire Greenway/Getty Images)
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