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.