Do I Need Tax Attorney – Irs Problems?
Friday, January 29th, 2010 at
8:11 pm
hi,
I got a letter from IRS that i owe them $25,000 from 2007..I had $27,000 worth of shares wich i still own them.now they are saying my income is $87k,and i need to pay #25,000 tax including pently,and interest..
how much attorney charge roughly?and how long does it take to settle my case? and do i need to go with attorny all the time or just one time i have to go?
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Filed under: Attorney FAQ
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Just a guess, but the IRS probably received a Form 1099, showing the gross sales price on the stock sale. They think it is all gain, and they want to tax you accordingly. If only a portion of the gross sales price is gain, or if you actually had a loss, you need to provide the documentation, and you may need to amend your return. I would suggest that you contact a certified public accountant as a first step, and do so quickly.
You only NEED a tax attorney if you are defending yourself against tax fraud. And then, you REALLY need one.
You can be represented by a CPA, an EA, or an attorney. It is the individual who will determine which is best for you, not the title.
Now, do you need one? It sounds like, from your question that you a) didn’t file a return for that year or b) filed one but “forgot” to put some or all of your stock sales on Sch-D.
The solution to both problems is simple. File a 2007 return (or amended return) for SFR or audit reconsideration, including all your income.
For this, if you cannot do it yourself, a CPA or EA could help.
IRS doesn’t know you had loss unless you report them on a tax return, and you apparently didn’t report gains/or losses. Call IRS at the phone number listed on the letter you received from them if you are unclear on how to correct your error. You maybe be able to send appropriate schedule to them or you may need to file an amended tax return.
Call them and take care of it yourself, you don’t need a tax attorney.
Since you didn’t state what the letter number is you received, is it a balance due letter (1-800-829-0922), or under reported income letter (cp2000) If a phone number is not listed on your letter then call IRS at 1-800-829-1040
You most likely need a tax practitioner who can wade through the correspondence and determine what you really do owe. I don’t perceive any legal issues and if I’m correct, you don’t need an attorney, you just need someone who can clean up the mess.
Your posting in unclear. WHY do you owe $25K? What income are they saying you had that went unreported? What do “shares” that you still own have to do with it?
yes you need an attorney.
check out http://taxattorneysguide.com