Most Oklahoma taxpayers whose Offer in Compromise was rejected feel a sense of creeping despair. They (and, hopefully their tax lawyer) did their best to negotiate their tax debt with the IRS, but the feds refused to budge, insisting the entire amount is still owed, along with interest and penalties.
However, in many cases, the first Offer in Compromise was rejected because the taxpayer chose to pursue this strategy alone, without the aid of a lawyer; or the taxpayer hired a lawyer who was unfamiliar with the loopholes and nuances of the U.S. Tax Code. In these circumstances, an experienced tax attorney can present a more solid case for relief by helping you to file a “Request for Appeal of Offer in Compromise.” This time, your attorney will make sure you submit detailed financial records, including:
- Your bank statements
- Your mortgage and credit-card payment history
- Assessments of the value of your home and other property
- Other financial burdens, such as monthly alimony or child-support payments
If any of this essential documentation was missing on the first go-round, that in itself may have been enough to prompt the IRS revenue officer to reject your Offer in Compromise. A new application, with thorough financial documentation, may obtain the result you were seeking in the first place: a significant reduction of your back tax burden.
Questions? Call the Oklahoma tax experts at Travis W. Watkins, PC (800-721-7054) to learn more today!