Finances and Debt Collection
STATUTE OF LIMITATIONS ON IRS/STATE TAX DEBT
Generally, there is a 3-year statute of limitations for the federal Internal Revenue Service to audit a tax return and a 10-year statute of limitations for the IRS collecting tax. States right, however, may be very different. The State of California, for example, has NO statute of limitations on the collection of back taxes. Under [...]
401K RETIREMENT PLAN HARDSHIP WITHDRAWALS
A hardship withdrawal is just what it sounds like – a withdrawal from your 401(k) account to help cover the costs of a serious financial emergency. But even if your plan allows these withdrawals, and not all plans do, you should probably think of it as a last resort. Hardship withdrawals are allowed by law, [...]