Mississippi town agrees to pay $30,000 for mismanaging retirement funds
A Mississippi town has agreed to pay tax lien of more than $30,000 because it improperly managed employee retirement funds.
The Commercial Dispatch reports the Internal Revenue Service previously ordered Lowndes County Tax Assessor Greg Andrews to divert all of the town of Crawford’s license plate collections toward paying the lien. That was about $1,000 a month.
Crawford appealed, and the IRS instructed Andrews to divert $250 each month of license plate collections toward the debt.
The rest of the license plate collections, and all real and personal property tax collections, will go to the town of 650 residents.
An IRS audit showed between September 2007 and December 2010, Crawford did not pay into its city employee retirement funds.
Andrews says paying off the lien will take about eight years.
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