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The IRS will accept an Offer in Compromise when it is unlikely that the taxpayer's liability can be collected in full and the amount of the (OIC) reasonably reflects collection potential. The OIC is a legitimate alternative to declaring cases as currently not collectible, negotiations of tax settlements or to protracted installment agreements. The goal is to achieve collection of what is potentially collectible at the earliest possible time and at the least cost to the government.
As much as we hate to use the term "tax settlement" in layman's terms it is the most comprehensive. The correct IRS term for the tax settlement, for which we refer, is the Offer In Compromise, or OIC. The relief method is not for every taxpayer. Though the settlement amount may be much less than the original debt, it may not be practical. The Offer In Compromise prepared for the taxpayer, and represented, by a tax professionals can be quite costly.
BFS enrolled agents will represent taxpayers in cases with the IRS, including Offer In Compromises, or settlements if you wish. Our firm provides the taxpayer with representation during audits for businesses and individuals as well. If we represent a client during an audit, the client may not be required to attend at all. Other times the client may have to be in attendance during the initial interview. There are only rare cases where the client's attendance is required for negotiations to resolve tax debts. BFS handles offers throughout Rockville, Montgomery County, the Washington, DC Metro Area and various states in the U.S. Our interest in Montgomery County does not preclude us from the ability to operate nationwide, though our office is located in Montgomery County, MD.
Contact us at our Montgomery County offices if you have back taxes, liens or levies with the IRS or your state. It is important to notify us at the first notice of "Intent to Levy". Time begins ticking immediately. These notices are very time sensitive and the taxpayer has a certain number of days to respond. The response date is not based on the date the letter was received, but the date the letter was issued. Negotiations should begin immediately to affect a resolution. You may also get IRS tax forms from their site.
Internal Revenue Service tax problems can be resolved even if you owe large amounts and even if you haven't filed in years. If you don't take care of the problem, the IRS may file a Federal tax lien, levy your bank account and wages and seize and sell your home, car or business. BFS Services are provided to help prevent these occurrences with the IRS and state governments.
Business and Financial Solutions can help with Wage Garnishments, Bank Levies, Tax Lien Filings, Trust Fund Recovery Penalties, Offer in Compromises, Unfiled Tax Returns, Asset Seizures, Innocent Spouse, Back Payroll Taxes, Interest and Penalty Abatements, Lien Discharges & Subordinations, Installment Agreements or Defaulted Installment Agreements with the IRS or state.
Visit us in Rockville, Maryland where we are convenient to:
Rockville, Gaithersburg, Damascus, Germantown, Northern Virginia, Baltimore, Frederick, Fairfax, Washington DC.
Serving local areas in Frederick Maryland, Prince Georges Maryland, Washington DC, Northern Virginia, Baltimore Maryland, Damascus, Fairfax County (VA), Prince William (VA), Loudoun County, Virginia, Howard County Maryland, Washington County (MD), Anne Arundel MD, Arlington Virginia, Stafford County (VA), Gaithersburg MD, Germantown MD
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