How do I determine whether I should anticipate an increase in household income in the next two years for an offer in compromise?
January 18, 2002
Subject: Question on "Offer in Compromise"
Date: Wed, 28 Nov 2001
Dear Mr. Gray,
Here is a question on the "Offer in Compromise" form that I can not figure out and have not seen an answer to anywhere.
How does the IRS handle the question (17f), "Do you anticipate an increase in household income in the next two years?"
I am filling out a form and have been unemployed for some time. The best I could find were temporary or contract positions. Since September 11th, the bottom fell out of the job market, and I am now at the point of having to sell my 92 car just to pay the rent.
I certainly hope for and anticipate that at some point I will get a new position, which would be an increase in income over my unemployment compensation. However, I am expecting that it may be awhile, and that my unemployment might run out sooner. I also hope to get work at the same level as before, but I am over fifty and do not think that is very likely anymore.
Any suggestions will be appreciated.
Date: 26 Dec 2001
Just answer the question truthfully—that you are seeking employment but don't know what will happen. Based on your current situation, you are unable to pay the tax.
Consider getting legal help in processing your Offer. It can really be worth the investment!
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