Business & Financial Solutions
Business & Financial Solutions
TAX HELP SERVICE AND PREPARATION
(855) 557-2222
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Back Taxes & Offer in Compromise Program

Business & Financial Solutions provides help with IRS Offer In Compromise cases for back taxes. We represent clients in Washington DC and the surrounding areas. But we also represent taxpayers throughout the country. And our tax accounting firm has successfully handled Offer In Compromise cases for a variety of clients in many states. Furthermore, our record of accepted cases far exceeds the average amount nationwide.

We are extremely happy with our approval rate. And, it is an exceptional success rate. But one of the reasons we have a high success rate is because of our choice to be realistic with our clients. And we only use the Offer In Compromise is an option, if we believe that we can get the OIC. In other words, we are not in business to rip people off. And we only recommend the Offer In Compromise Program if we feel it is a reasonable option. In some instances, taxpayers do not qualify for the OIC settlement with the Internal Revenue Service.

Settling Back Taxes

But the Offer in Compromise may be a viable way to successfully settle back taxes.  There are three different instances where filing an OIC makes sense. for example, if there is doubt surrounding your tax liability. Or there is doubt regarding the ability to pay, which is where most cases are filed. And lastly, when taking your assets creates an undue hardship.

We can best determine whether you qualify for one of the three reasons to file an OIC. But we will need to review the facts in your case. Since not everyone will be able to qualify, it will be a waste of resources and time to file an OIC. The Offer in Compromise program will not help everyone. So we will need to review your individual circumstances in order to make the best decision on how to settle the back taxes.

The IRS Offer In Compromise Program

The IRS establishes guidelines for the acceptance of an Offer in Compromise to resolve an outstanding debt. By reviewing a taxpayer’s past, current, and future financial situation, they will make a determination. And several factors are weighed to see if the OIC will be accepted. When filing an Offer in Compromise, it is important to know what components of the taxpayer’s financial situation the IRS is looking at.

Every individual’s financial situation is unique and the length of time can vary but is generally 8 to 12 months. This is why pre-qualifying is such a critical step that must be executed prior to setting up an Offer in Compromise with the IRS.

The IRS will accept an Offer in Compromise in Washington, DC-based on “reasonable collection potential.” This determines what they can expect to reasonably collect from you in relation to the remaining statute of limitations. The main goal is to show that the number is as minimal as possible which is something that our Enrolled agents have the capability to accomplish.

The determinations the IRS makes will decide whether or not an Offer in Compromise will be accepted. And this involves performing a comprehensive review of the entire financial picture. Because they want to see income, expenses, liabilities, and assets. An Offer in Compromise will only be accepted by the IRS if it can be proven that you will never be able to pay the debt in full.

At BFS, we can help in resolving your tax debt and liability issues. Contact us for more information by calling (855) 557-2222 today!

Office Locations In Maryland

5100 Buckeystown Pike Ste 250, Frederick, MD 21704

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17 W Jefferson St Ste 007, Rockville, MD 20850

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Office Location In Virginia

7918 Jones Branch Drive, Ste 405, Tysons VA 22102

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Office Location In Texas

101 E. Park Blvd, Suite 600 Plano TX 75074

About BFS

Visit us in McLean Virginia, Frederick or Rockville, Maryland (Washington DC Metro Area)or Plano Texas

Phone toll free: (855) 557-2222
Fax: (240) 297-1054
E-mail: info@bfswebsite.com

Business & Financial Solutions is a tax and accounting CPA firm. Our offices are located in Fairfax County, VA, Collin County and Denton County, TX, Montgomery and Frederick Counties, MD. Our company is highly motivated in helping individuals and companies (private and non-profit) become successful in start-ups. BFS offers assistance with ongoing small to mid-size business management, consulting, accounting and a variety of tax services.

Maryland, Virginia, Washington DC, Texas
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