Old And Cold – Audit Rights And Claim Cut-Offs

PrintIs there a time to let old things die? We are qualified to answer that question when it comes to matters emotional, but when it comes to “business,” Ruminations only has some thoughts. Today, we’ll discuss chasing people who owe money but, because money isn’t everything, we’ll start with a little digression intended to make a point. How long should the government (that’s us, by the way) be permitted to chase a criminal? Many (but not all) states have laws that answer that question. Here’s New York’s answer: 6 years for felonies punishable by 8 or more years in prison 3 years for felonies punishable by less than 8 years in prison No limit for murder or other capital offenses. Three years for misdemeanors committed against children 13 and younger. One year for other misdemeanors. Though the time limit to file civil claims also varies by state and by the type of claim being made, they also butt up against time limits. Typically,…

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