By Teresa Ambord
Hiring relatives is often a mistake, and nobody makes these mistakes more often than young celebrities and sports stars, it seems. But this time, at least it's not the celebrity who has ended up under water financially.
Matthew Knowles, music executive, television producer, record producer, father, and former manager of BeyoncÃ© Knowles, is into the IRS for more than $1.2 million. The tax debt relates to income earned in 2010 and 2011, the same years he managed his daughter's career. For 2010, he owes $484,576 and for 2011, another $728,005.
Due to personal and business squabbles, Matthew Knowles no longer manages his daughter's career. "When I turned eighteen and started handling my business more, he went into shock. And we had our issues. I'd say 'no' to something, and he'd book it anyway", BeyoncÃ© said.
But it was more than business. She told reporters at the New York Daily News she severed ties with her dad when he had an affair that ended his marriage to her mother. However, the singer said she and her dad are not estranged. Her father called the end of the managerial relationship deeply painful.
It may have been a bad idea for BeyoncÃ© – like so many other stars – to hire a relative. But in this case, there are a couple of key differences. Matthew Knowles is an entertainment professional, not an unemployed brother-in-law looking for a handout. And as far as we know, BeyoncÃ© didn't suffer financially as so many celebrities do. Usually, the one who ends up holding the tax bag is the star, not the manager.
Don't Cry for Matthew
Matthew Knowles is no slouch. He founded Music World Entertainment back in 1992, which rose to be a leading music and entertainment conglomerate with worldwide sales in excess of $300 million. Even without the income he earned managing BeyoncÃ©, Matthew Knowles shouldn't have a hard time paying his IRS debt, but time will tell. Odds are he will pay the tax bill and land on his feet.
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