I'm currently experiencing Reference 1581 as well and this thread has been incredibly helpful! Filed my return about 2 weeks ago and just started seeing this code a few days ago. Like everyone else here, I was immediately worried I'd made some serious error on my return. I also claimed EITC this year due to reduced income from switching jobs mid-year, so my situation fits perfectly with the pattern everyone's describing. It's really reassuring to see how consistent all these experiences are - clearly this is part of the IRS's expanded compliance review process rather than individual problems with our returns. The real-world timelines shared here (4-8 weeks) are so much more valuable than that generic "up to 120 days" message on the IRS website. @QuantumQuest I'm definitely implementing your weekly check strategy starting now - I can already tell I'm going to become obsessive about refreshing that status page if I don't set boundaries! It's also encouraging to hear from @CosmicVoyager and others who spoke with IRS agents and confirmed these are routine reviews where refunds typically aren't changed. That was one of my biggest worries. Thanks to everyone for sharing your experiences and creating such a supportive discussion. This community has honestly saved my sanity during this stressful waiting period. It's so comforting to know we're all going through this together and that the vast majority of these codes resolve themselves with patience!

I'm also currently dealing with Reference 1581 and this thread has been incredibly reassuring! Filed my return about 2.5 weeks ago and have been stuck with this code for the past 10 days. Like so many others here, I was really starting to panic thinking I'd made some major error on my return. I also claimed EITC this year due to reduced hours from a work injury, so my situation definitely fits the pattern everyone's describing. What's been most helpful is reading all the real-world timelines from people who've actually been through this - knowing to expect 4-8 weeks instead of that terrifying "up to 120 days" message makes such a huge difference for managing my anxiety. @QuantumQuest your advice about limiting status checks to once per week is brilliant - I've already been guilty of refreshing that page multiple times daily, which just adds stress without changing anything. Starting tomorrow I'm implementing your weekly check strategy! It's also really encouraging to hear from @CosmicVoyager and @Javier Morales who got through to IRS agents and confirmed these are routine compliance reviews rather than actual problems with our returns. The fact that most refunds process without changes to the amount is such a relief. Thanks to everyone for sharing your experiences and creating such a supportive community around this frustrating situation. This thread has honestly been a lifesaver for my peace of mind during this stressful waiting period. It's so reassuring to know we're all in this together and that the vast majority of these codes resolve themselves with patience!

As someone who's been preparing financial statements for construction companies for over 8 years, I can tell you that your quotes are actually reasonable for the scope of work involved. Construction accounting adds significant complexity that many general practice CPAs aren't equipped to handle properly. The $2,800-$5,500 range you're seeing likely reflects different levels of service and the accountant's experience with construction-specific issues. Here's what should be included in a proper construction company financial statement preparation: 1. Proper revenue recognition using percentage of completion method for long-term contracts 2. Work-in-progress schedules showing costs incurred vs. billings 3. Proper classification of retention receivables and payables 4. Equipment and depreciation schedules 5. Job cost analysis and gross profit by project 6. Cash flow considerations for construction cycles Before choosing an accountant, ask them specifically about their experience with ASC 606 revenue recognition standards and how they handle over/under billings. A good construction accountant will immediately know what you're talking about and can explain how it affects your specific situation. Also, definitely get clarification from your bank about whether they'll accept compiled statements versus reviewed statements. For a $840K construction company, compiled statements with proper disclosures are often sufficient, which could save you $1,500-$2,000. Your current tax accountant's quote of $3,200 isn't unreasonable if they truly understand construction accounting. Sometimes the familiarity with your business is worth the slightly higher cost.

I've been through this process twice now with my electrical contracting business, and I learned some hard lessons that might help you avoid costly mistakes. First, definitely confirm with your bank whether they'll accept compiled vs reviewed statements. Like others mentioned, many banks will accept compiled statements for businesses under $1M, but you need this in writing. I made the mistake of assuming and ended up paying for a review when compilation would have been fine. Second, since you're in construction, make absolutely sure your accountant understands job costing and percentage of completion accounting. I hired someone who claimed construction experience but didn't properly handle my work-in-progress, and the bank rejected the statements. Had to start over with a specialist. The $3,200 quote from your current tax accountant isn't bad if they truly know construction accounting. Ask them specifically about how they'll handle your ongoing projects and retention receivables. If they can't give you clear answers about WIP schedules and over/under billings, find someone else. One tip that saved me money: get your QuickBooks completely cleaned up first. Make sure all job costs are properly allocated, your accounts are reconciled, and you have backup documentation for any large transactions. This prep work can cut 3-4 hours off your accountant's time, which translates to real savings. Also, ask about payment terms. Some firms will let you pay in installments, especially if you're establishing an ongoing relationship for future years.

One additional consideration that hasn't been mentioned yet is the impact on your FSA or HSA contributions if you have them. When switching from bi-weekly (26 pay periods) to semi-monthly (24 pay periods), your pre-tax deductions will be spread across fewer paychecks, which means a slightly larger deduction per paycheck. For example, if you contribute $2,600 annually to an FSA, that's $100 per bi-weekly paycheck but about $108 per semi-monthly paycheck. This doesn't change your total contribution or tax savings, but it does affect your per-paycheck take-home amount. Also, with your salary increase to $72k, you might want to consider increasing your retirement contributions if you weren't already maxing out your 401(k). The higher income gives you more room to save pre-tax dollars, which can help offset some of the additional tax burden from being in a higher bracket for part of your income. The timing of when you start the new job in January is actually perfect for tax planning - you'll have the full year to let the new withholding work properly, rather than trying to catch up mid-year.

The pay frequency change itself won't impact your taxes at all - you'll owe the same amount whether you're paid bi-weekly or semi-monthly. The main difference is that with semi-monthly pay, you'll get 24 larger paychecks instead of 26 smaller ones, so your withholding per paycheck will be proportionally higher. However, your salary increase from $58k to $72k is definitely something to address on your W-4. That's a significant jump that will likely push some of your income into the 22% tax bracket. Since the W-4 was redesigned in 2020, the old "claiming 0" system doesn't apply anymore - the new form is actually much more straightforward. I'd strongly recommend using the IRS Tax Withholding Estimator tool on irs.gov when you start your new job. It will walk you through exactly how to fill out your W-4 based on your new salary and help ensure you're not under-withheld. Starting a new job in January is actually perfect timing since you'll have the full year for proper withholding rather than trying to catch up mid-year. One bonus tip: with your higher salary, consider whether you want to increase your 401k contribution rate to take advantage of the additional income while reducing your taxable income at the same time!

I can definitely understand your concern! I went through this exact same worry pattern last year. Here's what I learned from my experience and talking to IRS representatives: The "pending" status in TurboTax generally means your return has been transmitted to the IRS but they haven't yet sent back the official acknowledgment. This is completely normal and expected during the first 24-48 hours after e-filing. Regarding your amended return concerns from last year - those delays were likely due to the complexity of Form 1040-X processing, which requires manual review. Regular returns (Form 1040) go through automated systems first, so the timeline is much more predictable. A few things to keep in mind: • WMR often lags behind TurboTax status updates by 24-72 hours • Filing time matters - returns submitted on weekends may take longer for initial processing • Peak filing season (late February through April) can cause slight delays in status updates If you're still seeing "pending" in TurboTax after 72 hours, then I'd recommend contacting their support. But given that you mentioned checking "multiple times today," you're likely still well within the normal processing window. Your return is almost certainly in the IRS queue and progressing normally.

I had this exact same issue two weeks ago and want to share what I learned from calling TurboTax support directly. The rep explained that "pending" specifically means your return has been successfully transmitted to the IRS Electronic Filing system, but they're waiting for the official acknowledgment response from the IRS servers. Here's the timeline I experienced: • Filed Sunday evening - TurboTax showed "pending" • Monday afternoon - Still "pending" in TurboTax, nothing in WMR • Tuesday morning - TurboTax updated to "accepted," WMR still blank • Wednesday evening - WMR finally showed "Return Received" The key thing the TurboTax rep told me was that "pending" is actually a good sign - it means there were no immediate rejection codes (like wrong SSN, math errors, etc.). If the IRS was going to reject your return, you'd typically see that within 2-4 hours of filing. Since you mentioned your amended return delays last year, I totally understand the anxiety. But regular 1040 returns go through a completely different automated processing pipeline than Form 1040-X. You're comparing apples to oranges in terms of processing speed. Give it until Wednesday if you filed over the weekend, or 48 business hours if you filed on a weekday. The systems will sync up!

FYI - TurboTax handles 1099-B and Form 8949 reporting much better than TaxSlayer in my experience. I switched this year after having similar frustrations. They have a direct import feature that works with most brokerages, and they're much clearer about how to handle wash sales and basis reporting. Yes, it costs more, but when you're dealing with investment transactions, the extra guidance is worth it. They also have much better support if you get stuck.

I had the exact same frustration with TaxSlayer and stock reporting last year! One thing that helped me was understanding that you absolutely do NOT need to report every single transaction if your broker already reported the basis to the IRS (which Fidelity usually does for covered securities). Here's what worked for me: Look at your 1099-B and find the summary totals at the bottom of each section (short-term vs long-term). If the "basis reported to IRS" box is checked, you can enter these as summary transactions in TaxSlayer instead of individual trades. For the dates, use "VARIOUS" for acquisition date and 12/31/2023 for sale date when doing summary reporting. This is totally acceptable and saves hours of data entry. For wash sales in TaxSlayer: When you're entering your 1099-B info, there's a section that asks about "adjustments" - that's where the wash sale amounts go. Just enter the total wash sale adjustment from your 1099-B summary (it should be clearly labeled). The key is to match exactly what's on your 1099-B totals - don't overthink it! TaxSlayer will generate Form 8949 automatically based on what you enter.