I need to leave the house for a while, so I will try to catch up on posts and answer any relevant questions in a few hours. Thanks, all!
get a tax accountant place to start working on it
Have you been notified that you are being audited or do you simply fear being audited?
I am not a tax professional, but I want you to realize you are a live person that can’t be defined by your monetary class.
Regardless of what happens, please live your life to the fullest and don’t let the IRS define your enjoyment of life.
Beg or borrow the money needed to hire a good tax attorney. That is the best thing you can do. Without it you’re walking into the lions den without a a weapon. You’ll more than make up the cost by what you save.
/johnny
Find a lawyer.
Find a CPA.
Do not go to the IRS until you are FULLY prepared.
Get a good accounting firm. They will have bookkeeping types that bill at lower rates to sort through all your personal and business paperwork.
If the IRS comes calling, refer them to your accountant. Do NOT throw yourselves at their mercy.
Visit an accountant, explain the situation honestly, and ask their advice. You would do well to visit a few to find one you are comfortable with.
Move now, don’t wait (penalties can worsen, and you can lose opportunities). Time is not on your side.
Good luck!
I agree with the previous poster...bite the bullet and pay a professional to guide you through it. The peace of mind alone will be worth the price.
Get a CPA. Now.
I had a bad situation, and I got it all smoothed over, not by coming to the IRS, but coming to the CPA and *HE* did my talking.
It’s now in a payment schedule, and it’s down from 10k to under 2k.
I'm not an Accountant or an Attorney but from what I have read I believe you are going to need one or the other. There are some good Tax Attorneys but I recommend an Accountant. I hope you have good records and have all pertinent information categorized. If your information is not categorized I recommend that be done first. Know was of no help but want to wish you Good Luck.
What is the structure of the business? s corp, ptn, c corp, sole proprietorship?
Get something in and filed, to be honest, IRS is way overloaded now and you may slip through the cracks. Don’t work about perfection. The good people in IRS have left (people who think and know) and it is run by computers now.
o_O
Welcome to FR
For now... if you have any money get a tax attorney and an accountant.
Go over the books, see what profit/losses you have incurred.
File you amended taxes for the previous years.
It may not be as bad as you think, or it may be worse. you won’t know until you finish the paperwork.
Get right with it now before they start levying your bank accounts and seizing your real property.
Yes go to a CPA immediately. The IRS considers failure to file, if you owe money as much more serious than if you do not owe anything.
Yep, that will do it.
Get thee a tax attorney.
You need a very good tax attorney, preferably one who has a CPA as well as a JD.
Do you listen to Rush...Some tax attorney type outfit advertises services for just your situation...don’t know if they take a bigger cut than a CPA...but sounds as tho their specialty is just right for you.
What letters have you received from them? You might want to make a list of each letter, including the letter date, which tax year(s) it is for, the $ amount on the letter, and the code number of the letter.
IRS letters have code numbers that you can look up to see how serious they are. The letters are usually sent by an automated system. There are some letters you should never respond to, because your response could trigger IRS action; these letters are bait.
You need to determine how much they think you owe for each year. And figure how much you think you owe. Filing the past year tax forms might reduce what they think you owe.
You can do an Offer in Compromise and get most of the alleged debt wiped out. Then the IRS can give you an installment plan for paying down what is left of the debt, or they can put you into a “Currently Not Collectible” status if you show that your income is less than your current expenses. This status can go on for many years while the statute of limitations ticks down.
I have serious tax advise for all that are here. Obtain self employed, cash only, vocation. My doctor colleges are going there rapidly. NEVER PLAY THE BANK GAME.— ONLY CASH!! millions are moving there. — No BANKS!!!