I'm also with Wells Fargo and waiting on my refund! From what I've learned lurking here, WF is pretty much always exactly on the date - no early surprises like some other banks. But at least they're reliable about not being late either. The waiting is killing me too, especially when you see people with other banks getting theirs days early. Maybe next year I'll look into switching to one of those banks that does early deposits, but for now we just gotta be patient! 😅

Wells Fargo definitely doesn't do early deposits like some of the online banks - they're pretty conservative about sticking to the exact date. I've had my refund come through them for the past 3 years and it's always been right on the deposit date, usually showing up between midnight and 2 AM. The good news is they're super reliable - never had it be late either. Since you have the 846 code with 3/15, you can be confident it'll be there that morning. I know the waiting is brutal when you're checking constantly, but at least you only have a couple more weeks to go!

Make sure you're keeping track of all the business assets when you close down too. If you kept any equipment or inventory for personal use, you might need to report that as a distribution to yourself.

This is exactly the kind of situation that trips up so many business owners during closure! You've gotten some great advice here already. One additional thing to keep in mind - since you're filing what's essentially a final Schedule C for this business, make sure you've accounted for any outstanding accounts receivable or payable that might affect your final tax picture. If you had any unpaid invoices from 2021 services that you never collected on, you might want to consider writing those off as bad debt on this final return. Also, double-check that you've properly handled any equipment depreciation for the partial year 2022. If you sold, discarded, or converted business assets to personal use during the closure, you may need to calculate depreciation only up to the disposal date and potentially report gains/losses. The stress is totally understandable - business closures create some of the most complex tax scenarios. But you're asking the right questions and getting solid guidance here. Take it step by step and you'll get through it!

Just got assigned my tax advocate yesterday through my congressman's office after waiting since January for my refund! Reading through all these experiences is giving me so much hope - it sounds like most people are seeing movement within 4-8 weeks once the advocate gets involved. I'm documenting everything like some of you suggested and already set up that dedicated email folder. Really appreciate everyone sharing their timelines and tips here. It's such a relief to finally feel like there's light at the end of the tunnel after months of getting nowhere with the regular IRS phone system. Will definitely update this thread with my progress!

I'm in the exact same situation right now! Just got my advocate assigned through my congressman's office two days ago and I'm anxiously waiting for that first call. Reading everyone's experiences here is so helpful - it sounds like most advocates are pretty responsive with that initial contact within the first week or two. I've been stuck since filing in February and honestly was starting to lose hope until my congressman's office stepped in. Already set up my documentation folder based on the advice here. Really hoping I'll be posting a success story in a few weeks! Thanks everyone for sharing your timelines and keeping hope alive for those of us just starting this process.

Wait I'm confused about something basic. When you say "disregarded entity" does that mean you're dissolving the LLC? Or just changing how it's taxed? We have an LLC for liability protection but I don't want to lose that if we change the tax status.

Just wanted to add my experience here - my wife and I went through this exact same situation last year. We initially filed as a multi-member LLC but realized we wanted the simplicity of disregarded entity treatment for our small consulting business. Since we're in a non-community property state (Ohio), we ended up filing Form 8832 to elect disregarded entity status. The process was actually pretty straightforward once we understood what we needed to do. We kept our original EIN and just changed the tax classification. One thing I wish someone had told us earlier - make sure you file Form 8832 by the deadline if you want the election to be effective for the current tax year. We almost missed it and would have had to wait until the following year for the change to take effect. The simplified tax filing has been worth it for us. Instead of dealing with Form 1065 and K-1s, we just file Schedule C with our joint return. Much less paperwork and complexity for a small business like ours.

This has been an incredibly informative thread! As someone who's been researching business acquisitions for months, I'm amazed by the depth of practical experience being shared here. I wanted to add one consideration that might be relevant for manufacturing businesses specifically - make sure you understand any R&D tax credit carryforwards the seller might have. While these don't transfer in an asset purchase, knowing about them can help you negotiate the purchase price since the seller loses valuable credits they can't use. Also, for the environmental compliance equipment mentioned earlier - I recently learned that some pollution control equipment qualifies for 5-year MACRS depreciation instead of the standard 7-year schedule for manufacturing equipment. If your target company has invested in emission control or water treatment systems, this could accelerate your depreciation even further. One question for the group - has anyone dealt with foreign-sourced manufacturing equipment in an acquisition? The company I'm evaluating has several machines imported from Germany and Japan, and I'm wondering if there are any special considerations for depreciation or potential Section 199A implications for the manufacturing income generated by foreign equipment. The consensus here seems clear that asset purchases are the way to go despite the higher purchase price, and that professional appraisals are essential. I'm definitely going to budget for comprehensive valuations and specialized tax advice based on what I've learned from everyone's experiences. Thanks to all who've shared their insights - this is exactly the kind of real-world guidance you can't get from textbooks!

Manufacturing business acquisitions have some unique considerations that haven't been fully covered yet. One critical aspect is understanding how to handle any work-in-process (WIP) inventory, which can be substantial in manufacturing operations. Unlike finished goods inventory that's relatively straightforward to value, WIP requires careful analysis of the stage of completion and associated labor/overhead costs. This affects both your purchase price allocation and ongoing cost accounting methods. Make sure your inventory appraisal includes a detailed WIP analysis, as improperly valued WIP can create unexpected tax consequences in your first year of operations. Also, since you mentioned this is a 15-year-old manufacturing company, pay special attention to any tooling, dies, or molds that might be included in the equipment category. These often have shorter depreciation lives (3-7 years) and might qualify for immediate expensing under Section 179, but they're frequently overlooked in preliminary asset allocations. One more manufacturing-specific consideration - if the company has any ISO certifications, quality system documentation, or regulatory approvals (FDA, etc.), these can sometimes be valued as separate intangible assets with their own amortization schedules rather than being lumped into goodwill. This is particularly valuable if the certifications are recent and required significant investment to obtain. Given the complexity everyone's highlighted here, I'd also suggest reviewing the seller's fixed asset registers and depreciation schedules going back at least 3-5 years. This will help you understand their capital investment patterns and identify any assets that might have been fully depreciated on their books but still have substantial fair market value for your stepped-up basis calculations.