Can one submit a second Offer in Compromise after his first one has been denied?

The easy answer to the question is that, “yes”, one can submit another Offer.  There is no minimum wait time between Offer submissions.  However, I expect that the real question is, “Is there any hope if I submit another Offer?”  My answer is still probably “yes.”  This is for two reasons.  First, if the taxpayer had no help in preparing the Offer, he probably did not take advantage of all the exemptions and deductions available in an Offer.  Also, the Offer program is constantly changing, sometimes for the better and sometimes for the worse.  Recently, some new rules and standards have been issued regarding the Offer In Compromise program.. These new rules will help some people and hurt others.  I feel that, overall, the new rules are a change for the better.