Treasury's IRS Awards $8M for Financial Management and Audit Support Services to Integrated Finance and Accounting Solutions, LLC

Contract Overview

Contract Amount: $8,005,422 ($8.0M)

Contractor: Integrated Finance and Accounting Solutions, LLC.

Awarding Agency: Department of the Treasury

Start Date: 2024-12-19

End Date: 2026-12-18

Contract Duration: 729 days

Daily Burn Rate: $11.0K/day

Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES

Number of Offers Received: 4

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: THIS AWARD CONSISTS OF THE ACQUIRING CHIEF FINANCIAL OFFICER (CFO) FINANCIAL MANAGEMENT AND AUDIT SUPPORT SERVICES

Place of Performance

Location: WOODBRIDGE, PRINCE WILLIAM County, VIRGINIA, 22192

State: Virginia Government Spending

Plain-Language Summary

Department of the Treasury obligated $8.0 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC. for work described as: THIS AWARD CONSISTS OF THE ACQUIRING CHIEF FINANCIAL OFFICER (CFO) FINANCIAL MANAGEMENT AND AUDIT SUPPORT SERVICES Key points: 1. The award focuses on critical financial management and audit support for the IRS. 2. Integrated Finance and Accounting Solutions, LLC, secured this contract. 3. The contract value is $8,005,421.57 over 729 days. 4. This falls under 'Other Accounting Services' (NAICS 541219). 5. The contract was awarded via full and open competition after exclusion of sources.

Value Assessment

Rating: good

The contract's fixed price structure provides cost certainty. Benchmarking against similar accounting services contracts would offer further insight into value.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The 'full and open competition after exclusion of sources' method suggests a competitive process was intended, though the exclusion might limit the pool. This approach aims for price discovery through multiple bids.

Taxpayer Impact: The competitive award process is designed to secure fair market value, thereby optimizing taxpayer dollar utilization.

Public Impact

Ensures continued financial integrity and audit readiness for the IRS. Supports critical back-office functions essential for tax administration. Potential impact on taxpayer services if financial operations are disrupted.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for limited competition due to source exclusion.
Reliance on a single vendor for critical financial services.

Positive Signals

Clear contract duration and end date.
Firm fixed-price contract type provides cost predictability.

Sector Analysis

This contract falls within the professional, scientific, and technical services sector, specifically accounting. Spending in this area is generally stable, driven by regulatory compliance and operational needs.

Small Business Impact

The data indicates this contract was not awarded to a small business. Further analysis would be needed to determine if small business participation was sought or achieved through subcontracting.

Oversight & Accountability

The award is a delivery order under a larger contract, suggesting existing oversight mechanisms. The IRS's internal financial oversight should monitor performance and spending.

Related Government Programs

Other Accounting Services
Department of the Treasury Contracting
Internal Revenue Service Programs

Risk Flags

Limited competition potential.
Vendor lock-in risk.
Dependency on a single vendor for critical functions.
Potential for cost overruns if scope creep occurs.

Frequently Asked Questions

What is this federal contract paying for?

Department of the Treasury awarded $8.0 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC.. THIS AWARD CONSISTS OF THE ACQUIRING CHIEF FINANCIAL OFFICER (CFO) FINANCIAL MANAGEMENT AND AUDIT SUPPORT SERVICES

Who is the contractor on this award?

The obligated recipient is INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC..

Which agency awarded this contract?

Awarding agency: Department of the Treasury (Internal Revenue Service).

What is the total obligated amount?

The obligated amount is $8.0 million.

What is the period of performance?

Start: 2024-12-19. End: 2026-12-18.

What specific financial management and audit support tasks are included in this contract?

The contract details financial management and audit support services. This likely encompasses areas such as accounting operations, financial reporting, internal controls assessment, audit liaison, and compliance support. Specific deliverables and service level agreements would be outlined in the full contract documentation.

What are the risks associated with the 'full and open competition after exclusion of sources' method?

This method can limit the number of potential bidders, potentially reducing the competitive pressure on pricing and innovation. While aiming for openness, the exclusion might inadvertently favor specific capabilities or exclude highly competitive smaller firms, increasing the risk of a suboptimal outcome.

How does this contract contribute to the IRS's overall mission effectiveness?

By ensuring robust financial management and audit support, this contract directly contributes to the IRS's mission of tax administration and revenue collection. Reliable financial operations are crucial for maintaining public trust, ensuring compliance, and supporting the agency's operational efficiency.

Industry Classification

NAICS: Professional, Scientific, and Technical Services › Accounting, Tax Preparation, Bookkeeping, and Payroll Services › Other Accounting Services

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES

Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY

Offers Received: 4

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 4500 POND WAY, STE. 270, WOODBRIDGE, VA, 22192

Business Categories: 8(a) Program Participant, Black American Owned Business, Category Business, Economically Disadvantaged Women Owned Small Business, Limited Liability Corporation, Minority Owned Business, Self-Certified Small Disadvantaged Business, Service Disabled Veteran Owned Business, Small Business, Special Designations, U.S.-Owned Business, Veteran Owned Business, Woman Owned Business, Women Owned Small Business

Financial Breakdown

Contract Ceiling: $36,737,523

Exercised Options: $14,078,294

Current Obligation: $8,005,422

Actual Outlays: $5,721,009

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED

Cost or Pricing Data: NO

Parent Contract

Parent Award PIID: 47QRAD18D000H

IDV Type: IDC

Timeline