For 4 years, I trusted someone with doing my taxes
. At this time I was between the ages of 19-23. I had no idea what they were doing as I was only excited about the huge refund. However, at 25, I was in the process of buying my first home and the broker said that may trigger an issue later down the line with the IRS. She was writing off major Schedule C expenses without me knowing, so I stopped and started filing my following years correctly with a different tax person.
However, yesterday--the IRS sent me a letter to examine my 2010 tax returns
, questioning the Schedule C information. I'm aware that I am fully responsible for this, so I am prepared to do whatever it takes to pay back whatever I owe the IRS. I consulted with a Tax Adviser who is going to personally see how much I will owe for all the years she's done incorrectly.
My only concern is, if I make the IRS aware of my mistake for 2010 and years beyond, and have my Adviser negotiate some form of payment plan, will it show up on my credit? Also, will a lien
be placed on my home? I just purchased my home not even a year ago.
I know I made one of the biggest and dumbest decisions of my life. Which is why I prefer for them to audit me for all of the years and not just the year they're examining me for. So please respond politely, but informatively.