What documents do I need in order to apply for a state tax debt settlement?

While most people hope they will never face a tax problem with the State of Oklahoma, it is an unfortunately reality of life for some. However, alternative solutions to these tax problems may be a viable option. One such alternative solution may be a state tax debt settlement. To apply, a taxpayer must submit certain information to the Oklahoma Tax Commission.

Fifteen Documents to Gather Before Applying for a Tax Debt Settlement

If you are facing a state tax debt, your attorney can help you to assess whether or not a settlement is a good option for you. If you are planning to pursue this avenue, it is important to prepare for the application process. The Oklahoma Tax Commission will need to see many types of supporting documentation, including the following:

  1. Proof of gross earnings, pension, social security, and other income
  2. Copies of federal income tax returns for the three most current years
  3. A copy of your Internal Revenue Service (IRS) Offer-in-Compromise Agreement
  4. Copies of bank statements for all accounts for the three most current periods
  5. Copies of statements that show the value of your retirement accounts, pensions, and profit sharing plans for the three most current periods
  6. A list of all stocks, bonds, and other securities that you own
  7. A statement from the insurance company for each of your life insurance policies showing the cash value and other information relating to each policy
  8. Appraisals for your real estate
  9. Statements for all mortgages of real estate that you own
  10. Copies of medical bills not covered by insurance
  11. Copies of your expenses, including utilities, rent, and property taxes for the last 90 days
  12. A list of all your business equipment
  13. An inventory of the contents of your safe deposit boxes
  14. Statements from lending institutions and other creditors indicating balances owed and payment schedules
  15. A list of all accounts and loans receivable

 

While the list above is a thorough representation of what you need to supply when applying for a tax debt settlement, you may still need to provide additional information. If you are feeling overwhelmed, you are not alone. We are here to help, and we strongly encourage you to contact us today using our online contact form or live chat.