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Offer In Compromise
Business & Financial Solutions is a Montgomery County Maryland accounting and business management firm. Our Rockville, MD company has a successful history in the Offer In Compromise (OIC) cases, for which we have submitted to the IRS. Our company record of accepted offers is far above the standard ratio of the the nationwide submittals. While there is no perfect record for the approval of this specilized tax matter, BFS is extremely happy with its success rate. We believe that this is because we only accept cases where we have a greater chance of the Offer being accepted, whether the client is located in Rockville, Montgomery County, the Washington DC or throughout the U.S.

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Those firms who provide Offer in Compromise help, doing nothing but simply promoting themselves as Offer In Compromise professionals, whether small or large, do nothing for a firm or individual to initially win the confidence of taxpayers struggling to find professional help in an area of expertise avoided by most attorneys, CPAs, and Enrolled Agents. If you want Offer In Compromise help - good, solid, knowledgeable, experienced, respected, then you need aa reputable firm. There are over 50 firms major firms that provide such services There are a handful of reputable smaller firms The Offer In Compromise is a specialty tax field, where few firms provide excellent service.

Business & Financial Solutions was amazed to find out how few Offer In Compromise cases are approved nationwide. Our experience has been that most of the Offers, for which we have submitted, were accepted. Up until a few years ago, our company assumed that most were, only to find that 1 in 1000, submitted by other companies, are approved. This is contrary to our experience in reducing tax debts.

Company income subject to tax is often determined much like taxable income for individuals. Generally, the tax is imposed on net profits. In some jurisdictions, rules for taxing companies may differ significantly from rules for taxing individuals. Certain corporate acts, like reorganizations, may not be taxed. Some types of entities may be exempt from tax and debts associated with taxes.

Some taxpayers can qualify for a settlement with the IRS, in which they pay less than the original tax liabilities, to resolve their tax liability with the IRS. There are three reasons to file an OIC. The first is when there is doubt as to your liability. You believe the IRS liability is not valid and feel that the IRS will have difficulty proving it. The second is when there is doubt as to your ability to pay the taxes owed under your current circumstances. Most offers are filed under this section. The third is where taking your assets will create an undue hardship. A review of the facts of your case are needed to determine if you qualify under one of the reasons to file an OIC. Not everyone will qualify and it is a waste of your time and money to file an offer in compromise if you do not really qualify.

Business & Financial Solutions will not file an OIC for a client, in most cases, unless we believe there is at least a 90% chance of it being accepted. There are many companies who will guarantee that they can get you an Offer In compromise if you pay them their fee. Unfortunately the client finds out later that they never qualified for an Offer In Compromise in the first place. Let BFS review the facts in your case and we will give you a realistic appraisal of your chances of qualifying for an Offer In Compromise.

The IRS sets guidelines for accepting an Offer in Compromise to settle a past debt. The IRS looks at a taxpayer's past, current and future financial situation when evaluating whether an OIC should be accepted. It is important to know what aspects of a taxpayer's situation the IRS is looking at when filing an Offer in Compromise. Not everyone qualifies for a settlement through the IRS Offer in Compromise. Each person's financial situation is different. Additionally, the length of time varies but the average generally is 8 to 12 months. Thus, pre-qualifying for an Offer in Compromise is an important first step to take prior to attempting an Offer in Compromise with the IRS.

The IRS will accept an Offer in Compromise based upon "reasonable collection potential", meaning what they reasonably expect they can collect from you within the remaining statute of limitations on your debt. The goal of any Offer in Compromise negotiation is to convince the IRS that this number is as small as possible, something our Enrolled Agents, as Offer in Compromise experts, are proficient in doing. The IRS evaluates reasonable collection potential on a debt. The evaluation of the debts determines their willingness to accept an OIC. It is largely based upon a complete review of your financial situation including income, expenses, assets, and liabilities. The IRS will only accept an Offer in Compromise if you can prove to them, through this disclosure, that you will never be able to pay the debt in full. Beware of companies promising a "pennies on the dollar" settlement for past debts. The Offer in Compromise is not for everyone and many requirements must be met before the IRS accepts an Offer In Compromise tax debt settlement.

Business & Financial Solutions is located in close proximity to Gaithersburg, Bethesda, Potomac, Germantown, Frederick, Silver Spring and Wheaton, Maryland, as well as Washington DC, Northern Virginia and Fairfax County VA.

Our Rockville office number is (240) 403-0845. or you may email us at: info@bfswebsite.com. A lien or levy does not have to be the end-all to your livelihood, or cause trouble to your way of life. BFS can help resolve tax debt and liability issues.

Serving local areas in Frederick MD, Jackson MS, Washington DC, Arlington VA, Rockville MD, Baltimore MD, Fairfax VA, Richmond VA, Dallas TX, Houston TX, Charlott NC, Atlanta GA, Columbus GA, Montgomery County MD, Arlington VA, Los Angeles CA, New Orleans LA, Orlando FL, Miami FL, Potomac MD, Silver Spring MD, Wheaton MD, Olney MD, Germantown MD, New York NY, Dallas TX, Montgomery County MD, Rockville Maryland, Fredericksburg VA, Houston TX, Montgomery AL, Montgomery County TX, Baltimore Maryland, Gaithersburg Maryland, Boston MA, Germantown MD.

Visit us in Rockville, Maryland (Washington DC Metro Area)

17 W. Jefferson Street, Suite 2, Rockville, MD 20850
Phone 240-403-0845, Fax 301-754-3638

e-mail: info@bfswebsite.com

Montgomery County, MD