IRS Trouble - Please Help! Any CPA's Out There Please!

[hacksign]

Well I think I'm fucked big time.

I just got a letter from the IRS saying that I owe 300,000 in back taxes. I really don't know what to do.

Here is the situation -

I didn't think that I had to file taxes for a 3 year period because I was working as a government contractor in Europe, they told me I was tax exempt. So I didn't file taxes.

I also did not file for my stocks that I bought and sold those years either, I didn't think I had to because I lost about 80,000 in the market so I just didn't file at all, they are penalizing me for all those transaction too.

What can I do, should I do?

Should I file bankruptcy, will this clear it up or probably not?

I don't know if I will lose my business license and my insurance bond if I file bankruptcy either.

If anyone out there can help please let me know.

[Tock]

Sounds like a job for a CPA.
My sister does taxes for one of the big national tax companies, says every year lots of people show up with boxes of paperwork saying they haven't filed in years. It's a mess, but it can be sorted out. No telliing how much you owe, probably at least some penalties, plus tax on your income, who knows . . .

I think, though, that if you paid income taxes to the country you worked in at the time you will be exempt from paying US income taxes . . . but again, best check with a CPA to make sure. And if you do, there's no need to freak out, 'cause the IRS sees this all the time.
--Tock

[hacksign]

Thanks Tock,
Comforting words, right now I need them because I can't help but ffreak out. 300k is alot of money for a poor schmuck like me and I don't want to lose my business either.

Everything was faxed to a friend of the family who is a financial advisor and he said he would review everything tomorrow and get back to me as soon as he gets done with all his clients.

The suspense is just killing me, I need a drink and I'm pissed I have to cut my cycle short.

[BUYLONGTERM]

Bro, same shit happened to me. I just found out my accountant never filed my taxes in 2000. Well, I owe 15,000 without penalties..I'm fucked!!!!!

[BUYLONGTERM]

You CANNOT add Taxes to Banruptcy. You will HAVE To pay it ALL BACK!!!!

[Diesel]

First thing to do is calm down.
I am no CPA but have had my experiences with the IRS as well. (Had to fork out 28K earlier this year)
I'm sure you have a CPA of your own considering you have your own business. If not, get one PDQ to help you square away this mess.
The letter you got is based on your earnings that the Feds show. This does not include deductions, etc, etc.. Every business has deductions and writeoffs. Fact is, if you have your records straight, there is a very good chance you will come nowhere near 300K. Regardless of what you come out oweing. Providing you have filed taxes for all the years past (and you will have to in order to get through this.) they will allow you to get on some type of payment plan.

D