Are you worried about back taxes? Do you owe the IRS a significant amount of money? Anyone who finds themselves in a situation where they owe back taxes to the IRS has their own unique story. Dealing with tax debt, and knowing that the IRS is out for your hard-earned money is stressful situation. What you need is a good CPA or enrolled agent to help mitigate the damages.
Worried About Back Taxes
At Business & Financial Solutions, our team of seasoned tax professionals and CPAs is dedicated to making your situation easier. We want life to be less stressful for you. The faster you get your tax issues resolved, the faster you can get on with enjoying your life.
“What materials do I need to file late tax returns?”
The first thing you’ll need is a stack of papers: specifically, your W-2s and 1099 forms for the relevant tax years. It’s wise to see if you’re eligible for deductions and credits. To do so, you’ll also want to gather any receipts or supporting records that demonstrate your eligibility. The more materials you provide for us, the better. The information makes it easier for us to paint a full picture of your financial situation for the IRS. It’s always in your best interest to provide all relevant materials and then let us do the rest.
The good news is that BFS can also help by retrieving a lot of your information. In other words, we can get some of it from various taxing entities. One of our CPAs or enrolled agents can use this collected data to help you reach your goal in getting out of IRS debt. Once we accept a case, documents can be easily forwarded to our offices. For your convenience we can accept these via fax, email, portal, personal delivery or USPS.
Setting up an IRS Payment Plan When You Owe the IRS
Many taxpayers facing back taxes are not aware that you don’t have to pay your full balance when you file a tax return. You’ve got the option to request a payment plan for your back taxes. BFS is here to help you negotiate with the IRS or assist you in crafting a payment plan. There are tricks-of-the-trade that BFS’s tax consultants can advise you on; for instance, sending a partial payment when you file your returns can increase your chance of procuring a payment plan.
Reaching a payment plan to your satisfaction with the IRS is never guaranteed. However, BFS has enjoyed a wonderful relationship with the IRS. This is not to say that they turn special favors for us. But there is a level of professional courtesy and respect that we share with the agency. And this professionalism allows us a certain level of success.
Exploring Other Options Tax Debt Resolutions
Not every taxpayer can afford a payment plan, and meet the burden of day-to-day living expenses. Some of these cases may qualify for the Offer In Compromise Program. The OIC Program was designed to give specific taxpayers a second chance, or new start in life. Not everyone qualifies. But BFS prides itself on having a success rate far greater than the national average. Beyond BFS’ knowledge and expertise, the reason for this track-record of success is simple: we only take OIC cases that we feel have a high chance of success. Simply put, we don’t want you to pay your money on something that won’t be successful.
Business & Financial Solutions conducts an initial interview for evaluation of the Offer In Compromise Program. When we look at your financial situation, we make a determination. The question is simple. Do we think the IRS is likely to accept an Offer In Compromise (OIC), based on the current financial situation? If not we explore other options, such as Abatement of Penalties and Interest or Uncollectible Status with the IRS.
Ethics and Principles
Everyone can qualify for a payment plan, but not everyone will qualify for an OIC. Pre-qualifying you for an OIC before we charge you is the right thing to do. We are not in business just to take people’s hard earned money. And we certainly don’t want to capitalize on the misfortune of others. But when it comes to tax problems, taxpayers need help. BFS offer the professional expertise that you need, and that you should expect. But we do not oversell you on services that you don’t need. Our measure of success is built on the cornerstone of our high success rate in fulfilling your needs, for the least amount possible.
If you’re looking for a team of professionals with a track-record of reliability and success, give BFS a call today for a free consultation. We’re here to help you resolve your past tax issues so you can rest a little easier. No one wants to have to deal with the IRS. Tax debt owed can seem like an insurmountable problem, but with BFS at your side, we can help make it one less thing to worry about. Give us a call at 1-855-557-2222. Talk to a CPA or enrolled agent to see how we can help.
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Offices located in Rockville, Vienna and Frederick.