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Dealing with the IRS can be very difficult and costly if you do not have the proper advice and guidance. If the IRS is trying to collect money from you, then before you pay them one dime see if the statute of limitations has expired otherwise you could be throwing your money down the toilet.
A great CPA can put your tax records in order so you can get a true accounting of the "historical" road just traveled, but they probably shouldn't take you into battle with the IRS because they don't spend all their time negotiating tax resolutions the way specialized tax professionals do.
Remember that these bureaucrats say they are on your side, but ultimately the government writes their paychecks. They have no real economic incentive to make sure you win.
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If you have unfilled tax returns you need to do something about this right away. You don't have anymore time to wait. The longer you put this off the better chance there is of the IRS finding out, getting in touch with you, and making your life miserable.
For another, he or she has a more comprehensive view than most attorneys because an attorney is usually only licensed in one state while an EA is licensed across the 50 states.
People fail to realize that a foreclosure is still a disposition and needs to be analyzed accordingly. Under certain circumstances the taxpayer may have a taxable gain even though the property was foreclosed upon.
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by: D Kulkarni
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