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".

OIC SETTLEMENT FOR A FRACTION OF A PENNY!

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.