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 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 our choice to be realistic with our clients. And we only use the Offer In Compromise as 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.
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 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 which 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!
Our offices are located in Frederick MD, Rockville MD and Vienna VA.
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