Friday, May 29, 2009

Larson Financial, Inc.

I recently began working for the Larson brothers at Larson Financial, Inc. in Westminster, Colorado. I will look forward to providing client's with impeccable service and adding to the already sterling reputation of Larson Financial. I will continue to work with small to medium size business owners and individual clients who owe the IRS and the State taxing authorities. Check out my updated profile on the left hand side of the page for my contact information for more details.

There will be many more resolution stories to come!

Saturday, April 11, 2009

OIC Settlement for $13,000.00.

Mr. Nusz is one of the most appreciative client's I have ever had the pleasure of working with. Mr. David Nusz came to us in the spring of 2007 shortly after I began working with Quantum.

Mr. Nusz lives in Arizona with his family. He works as a handy man and does not have much, nor does he expect much. He was having trouble with the IRS when he came to us with his returns as well as the outstanding debt facing him. First and foremost, he needed assistance with the filing of his returns. We assisted him with filing the correct returns and reporting his income correctly as well. As a self-employed wage earner a lot of individuals do not understand or know how exactly to report and take out tax on the income they receive. The IRS determined he owed close to $135,000.00 after all his returns have posted. We came to the conclusion that Mr. Nusz qualified for the IRS Offer In Compromise Program. The program and its details can be viewed here IRS OIC PROGRAM.

We addressed his situation and ability to repay, put together his financial statement, and submitted the OIC on his behalf. Ultimately, we ended up settling his OIC for pennies on the dollar. Mr. Nusz indicated to us that he had done some homework on the IRS and figured he was in the lower percentage of taxpayers of whom are granted relief. He thanks us just about every other week and not only has he agreed to be a reference for myself and my team, but a reference on this website. I will list his contact information later in the week.

What made this client so special was his thankfulness and appreciation for what we do and he is glad he can "get back to living his life again".


We recently received news of an Offer In Compromise and its recommended acceptance in the amount of $600.00. This is a very rare case.

Now, let me tell you about the negotiation work that went into this Offer In Compromise. It was not as easy as simply submitting his financial statement and wishing and hoping for acceptance. We went through a lot of work to get the client where he is today with his IRS and State of NM situation.

Mr. Sykes has been a client since I have worked with Quantum Financial Solutions. He works for an auto detailing business out of New Mexico. We filed an Offer for this gentleman about 1 year ago. We had a recommendation for acceptance at the time for about $10,000.00. Unfortunately, his 2004 return was audited thus resulting in the return of his Offer In Compromise. We had to wait out the audit and submission of an amended return before re-filing for another OIC.

Back to the drawing board.

In between the audit of his return and the denial of our first OIC, we set up a small payment plan for the State of New Mexico in the amount of $100.00 per month. This is considered a partial payment plan and I will explain how this strategy works in another post. Now, on to the Offer.

Finally, after resubmitting the new OIC, we received correspondence back asking about his involvement in Dent Express, LLC. He used to be a managing member but has since passed on his interest to his partner. We explained the issues at hand to the OIC specialist and submitted all the necessary documentation she had asked for concerning the business.

On Friday, April 10th, we received verification of her recommended acceptance. Mr. Sykes owes the IRS $327,000.00. He fits into a category all on his own. It's not just pennies on the dollar, its fractions of pennies on the dollar. Mr. Sykes and myself are keeping our fingers crossed this time.

We will be following up with the IRS recommendation and release of liens in the next 30 days. I anticipate Mr. Sykes being listed as a reference in the near future.

Monday, March 30, 2009

Holding for ACS

The beauty of our work, or should I say the beast of our work is holding for ACS (Automated Collection System) or Group. A brief IRS explanation of ACS and its processes can be read here.

One of the most valuable services we provide for our clients is piece of mind and time. Our clients need time free from enforcement action to allow us to work toward providing the service they hired us for. Usually when are clients come aboard they have levies in place on their wages or bank accounts. Our goal is to stop these aggressive measures from taking place and advise the IRS we want to resolve the account. In order to bring resolve to the situation we need time free from enforcement or as we call it, "a hold on the account".

When a case first comes aboard we complete an initial investigation, i.e. find out how much the client owes, see if they have missing returns, check the transcript record for final notices that may have been filed, etc. In order to secure this information we file a form called a 2848 and another form called an 8821. We then make it a point to contact ACS, to make sure there is a substantial hold on the account to buy time for us to prepare and submit a financial statement, if necessary, and a proposal. This time, usually 30 - 60 days depending on the circumstance, is crucial to keeping the client protected while we endeavor to seek the most favorable resolution. We usually spend an hour on the phone with the IRS. As painstaking as it might be, it provides our clients with the piece of mind that they need.

If there is one thing that is certain with the IRS it is deadlines. If deadlines are met and upheld, the IRS will work with you to establish a resolution.

This post is a glimpse into workings of the IRS.

Reduced to a Refund

Ms. Austerman came to us in July of 2008 with debts to the IRS totaling $44,000.00. After further research we came to the conclusion the IRS had filed the 2003 return for her. These are called Substitute for Returns or SFR's. When the IRS files SFR's for an individual the IRS cannot take into account any deductions, itemization's, or losses. Therefore, the IRS will hold an individual to the maximum amount owed by law. The IRS had levied her bank accounts prior to retaining our services and had continued to garnish her Social Security Income, her only source of income at the time.

As soon as we found out the IRS was attempting to collect on a substitute return we referred her to our in house preparer. We were able to prepare her 2003 return along with the others (2004 through 2007) and get them in to the IRS by the specified deadlines. Due to the IRS wanting to aggressively collect on the outstanding debt of $44,000.00 we had to complete follow ups throughout the duration of her case. These calls were of utmost importance in order to ensure the IRS did not take any additional aggressive measures to collect, i.e. bank levies, seizure, or wage garnishments. With the returns in and processed she received refunds totaling $15,000.00. The IRS also released the Social Security Garnishment that was in place.

We are still working with Ms. Austerman to get her 1999 through 2002 returns filed before the IRS attempts to do the same thing.

Lesson: File all returns promptly before the IRS files them for you.

Tuesday, March 24, 2009

Liens Released!!

This particular taxpayer came to us in the late fall of 2008. He had an issue with a few IRS tax liens. When he came to us he was unclear as to if he owed any money, had liens on record, or what he should do about it. After further investigation we figured out the statute had expired on many of the old debts and he had actually paid off the others. We touched base with the IRS and explained the situation and it appeared they had never officially released the tax liens on all debts that were owed prior. They released the liens in question that day and we forwarded the releases to the client for recording purposes. He was extremely happy with our services and was excited to hear the liens that were giving him so much trouble personally, were finally released. He can now go on with his life without fear of the IRS attempting to collect against him.

Sometimes when a client comes to us they are unsure where to turn. The notices they receive read like stereo instructions are not very clear in explaining what to do. Mr. Keplinger knew he was still receiving notices but was unsure on how to proceed. By hiring our services he was able to sleep at night knowing we were facing these issues for him.

Mr. Richard R. Keplinger, is now on our reference list. He has agreed to make himself available for potential clients. Mr. Keplinger can be reached at 304.851.3114.

Monday, March 23, 2009

Offer In Compromise Settled for $5,693.00!

We are required to submit a resolution story every month here at Quantum Financial Solutions. Last month, we decided to submit a story about a client who has Kidney Disease and is currently on the list for a transplant. This individual will also be a reference in the upcoming months. I have decided to leave his name out of the post for confidentiality purposes.

We filed an Offer In Compromise for the 1040 debt totaling $202,075.00 covering several different years worth of debt. We settled their outstanding debts for $5,693.00. The client has since paid this amount in full by borrowing from friends and family. The tax liens have also been released in full.

Now, this is not a standard resolution. The client rents a home, has a car that is paid off, does not make too much income and his health is declining. In other words, he did not show the ability to pay the entirety of the debt. I hope this helps clear up any misconceptions of the Offer In Compromise program.

I chose this post for my first resolution post for obvious reasons. It is glitzy, glamorous and fits the bill for the ad, i.e. pennies on the dollar. As you will see, each resolution carries a small story with it, either how the client fell behind, what they did to resolve the issue, what we have done to assist, etc. In this case, the client had tried to file an Offer on his own and was unsuccessful. We assisted him by exercising the utmost professionalism in dealing with the IRS and for this reason, and many others, we were successful.

Intro To Resolution

When one is dealing with the IRS there are a mountain of issues to get through. First and foremost, where does one begin? There are so many letters, calls, notices, numbers and amounts that it would be impossible for the normal individual or business owner to keep up with it. Therefore, the goal of this site is to let others know that there is a resolution possible for each and every situation.

This site is dedicated to the former, current and future client's. Sure, everyone wants to pay pennies on the dollar, have penalties waived, or not pay at all. This is not what the sites intention is. Nor shall anyone reading these posts derive information from this site and attempt to connect it or utilize it for their own well being. Please see the Circular 230 reference in my introduction.

Ultimately there is a resolution for everyone and every business out there. It's up to you if you want to resolve it and work with the IRS or State to get it done. Working through a professional is recommended, especially for complex business tax issues as well as complex lien or levy issues that an individual may be facing. I urge you to take the first step and consult with someone concerning your situation. And furthermore, do your homework on the company you will be hiring.

Therefore, let the site begin. I will attempt to post one resolution per week, starting with my oldest resolutions and going up through current.

Thanks for visiting my blog.

Mike Wallen