In our current economy, it's not unusual for an Oklahoma business owner to fall behind in his payroll taxes. By law, employers must deduct federal, state and local taxes from their workers' paychecks and forward these funds to the government. If you find yourself in arrears, you may be visited at your business, or even your home, by an IRS revenue officer, whose sole purpose is to recoup as much of your tax debt as possible.
If you allow the IRS agent into your residence or office, you may be unprepared for what comes next. Depending on the size of your debt, the agent may know that it's a lost cause to get you to pay it in full. At this point, he may whip out a Form 433-B. This document is your gateway to an Offer in Compromise, or some other settlement with the government, which allows you to reduce your debt and/or pay it in installments. Sometimes, a delinquent business owner will be so relieved not to be assessed the full penalty that he will allow the IRS agent to handle this transaction.
This is a big mistake. An IRS revenue officer is not a disinterested party, and probably will misrepresent what you can or cannot accomplish with this all-important form, or dictate harsher terms than could be obtained for you by an experienced Oklahoma tax attorney.
If you have faced this situation, or fear that you may face it in the near future, call the Oklahoma tax experts at Travis W. Watkins, PC (800-721-7054) for a free consultation. We'll advise you about your alternatives. It is never a good idea to deal directly with an IRS revenue officer!