The Government Can Garnish Your 401K for Restitution

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
The Government Can Garnish Your 401K for Restitution
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Dr. Friday 0:00
Good day. I’m Dr. Friday, President of Dr. Friday’s 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 RESPA 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 it 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 saved 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.

Announcer 0:51
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.