As we all know, filling out a tax return can be a complicated process, especially if you have a mortgage and multiple dependents. Most people with difficult returns hire accountants or tax-preparation service, but a few choose to brave the waters and fill out their returns all by themselves—often relying on the reams of supposedly helpful information posted online by the IRS.
Because the U.S. Tax Code is so convoluted, it's not unusual for the IRS to publish incorrect advice about its own tax returns, and then present a hefty tax bill to Oklahoma residents who follow that advice. The bad news is that you'll still have to pay your back taxes in full; the good news is that, if you can present a cogent case that the information provided by the IRS led to your underpayment, you may be entitled to the abatement of any penalties or accumulated interest. These amounts may not be inconsequential; even a back tax bill of $20,000 can be accompanied by $5,000 worth of interest and penalties.
However, the IRS isn't going to just take your word for it that its own advice is what put you deep into a tax hole. You need to hire an experienced Oklahoma tax lawyer who can present the case that you deserve an abatement of penalties and interest, and maybe—although this is an extremely rare result—a reduction of your entire tax bill.
Are you an Oklahoma resident who followed the rules for filling out your tax return but has still landed in trouble with the IRS? Call the Oklahoma City tax attorneys at Travis W. Watkins, PC for a free consultation at 800-721-7054.