Beyonce’s Father, Mathew Knowles owes $1.2 million in taxes to the IRS

Superstar singer Beyonce Knowles’s father and former manager Mathew Knowles was recently hit with an IRS tax lien of $1.2 million.  Knowles still hasn’t paid his tax bills for tax years 2010 and 2011. For 2010 he owes $485,575.95 and in 2011 $728,004.89, totaling $1,213,580.84 of debt, according to TMZ.  Even though Knowles no longer manages Beyonce’s career, he was during 2010 and 2011 and as we know, Beyonce is one of the highest paid acts in the industry. Therefore, father Knowles earned millions of dollars managing his daughter and should not have a problem paying his taxes. 

Knowles isn’t the first to face tax issues and definitely won’t be the last. If you are in a similar situation, the Law Offices of Michael H. Raichelson can help come up with a resolution that may best suit you. Call today for your free consultation.

Criminal Prosecution of Grammy Winner Lauryn Hill for Tax Evasion

The famous Grammy award-winning singer Lauryn Hill was sentenced on May 6, 2013 to three-months in federal prison for failing to pay taxes on approximate earnings within a five year period of $2.3 million. After serving her three-months in prison, Hill will be electronically monitored in her home for three additional months and will be obligated to pay not only her unpaid tax debt of $1,006,517 but an additional $60,000 in fines.

If your tax obligation is on the rise and you need help resolving your tax issue before you get sentenced to prison or result in any type of consequences regarding the federal court, there is help available to you.

At the Law Offices of Michael H. Raichelson located in Woodland Hills and Oxnard, Californa, we prevent such consequential results and resolution options to your tax debts.

Income Taxes can be Discharged in Bankruptcy

Most people do not know they can discharge debts for federal income taxes in a Chapter 7 bankruptcy, however there are exceptions. If all of the following conditions are met, income taxes may be discharged: 1. The taxes are from unpaid income taxes from filed tax returns. You must have filed a tax return for the debt you wish to discharge at least two years before filing for bankruptcy. 2. You did not commit fraud or willful evasion. If you filed a fraudulent tax return or otherwise willfully attempted to evade paying taxes, bankruptcy can’t help. 3. The debt is at least three years old. To eliminate a tax debt, the tax return must have been originally due at least three years before you filed for bankruptcy. 4. You pass the “240-day rule.” The income tax debt must have been assessed by the IRS at least 240 days before you file your bankruptcy petition.

At the Law Offices of Michael H. Raichelson, we can analyze if you are a good candidate for bankruptcy and/or if your taxes are dischargeable in bankruptcy. 

The Rich Dodge Paying Taxes

As the middle and lower class continue to pay their taxes (to the best of their ability) and deal with the IRS on a day to day basis, the upper class continues to duck and dodge the IRS bullet of paying taxes. The wealthiest get away with hiding their fortunes by using offshore accounts to avoid paying taxes, and the United States struggles and continues to enforce taxes to be paid by the hard working lower and middle class American citizen. A new level of financial transparency is required for all countries to report all financial information to each other to avoid tax evasion. Until then, the rich will continue to get away with paying taxes.

At the Law Offices of Michael H. Raichelson located in Woodland Hills and Oxnard, California, we focus on tax resolution and bankruptcy.  For those who feel that they are struggling with past tax debt, contact our office and we will help you.