Legal Question in Tax Law in Tennessee

I just received a Notice of Deficiency from the IRS. It states that I did not report a long term capital gains in 2007. I do not have any capital gains. I have an idea that a former business associate of mine stuck me with half of his tax bill. I NEVER at any time had anything to do with his real estate transactions. My name was never on any property, electric bill, water bill or any utility. I have contacted the Person to contact but she is not returning my calls. I have until July to dispute this. I have no idea what I am supposed to do. Do I need to hire a tax attorney?


Asked on 4/23/10, 8:59 pm

1 Answer from Attorneys
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

You must immediately hire a good tax attorney! You have 90 days from the date of the notice to have your tax lawyer file a Petition in the U.S. Tax Court. If the 90 day period expires, you must pay the tax in full and then file a Complaint in the Court of Federal Claims.

I hope this helps!

Ron Cappuccio

www.TaxEsq.com

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Answered on 5/01/10, 5:59 pm


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