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.