Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12
Did you know the government can garnish a criminal 401k to pay recipe restitution, which basically means if they consider what you’ve done criminal, for example, if you are misclassifying your employees and you’re not paying payroll taxes properly, that can be turned into a criminal act if it’s done enough times? Guess what? That 401k that you think is safe and has always been safe from IRS collection can now become part of their collection. So make sure that you have the proper documentation when you’re doing your taxes. Make sure that you’re doing the best that you can to justify your expenses and that you’re tracking everything legally.
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