This is such a stressful situation to be in! I went through something similar last year with my ERC claims. One thing that really helped me was creating a detailed timeline of all my filings - original 941s, any 941-X amendments, Form 7200s if you used those, and when each was actually submitted. The 3-year rule mentioned by others is correct, but it gets tricky when you have multiple quarters and different filing dates. I discovered I had staggered deadlines because I filed my Q2 and Q3 amendments at different times. Also, don't panic if you think you need to make changes. The IRS has been surprisingly reasonable with businesses that proactively address potential issues, especially compared to those who wait until an audit. If your accountant was rushed during COVID (and honestly, who wasn't?), it's better to double-check now than worry later. Document everything you review and keep copies of all your research. If you do need to amend, having that paper trail showing you acted in good faith will be invaluable.

I'm dealing with a similar situation and wanted to share what I learned from my tax attorney. The statute of limitations can actually be more complex than just the 3-year rule when it comes to ERC claims. If you originally filed for ERC by amending your 941s, the 3-year period starts from when you filed those 941-X forms, not your original 941s. But here's what caught me off guard - if you later need to amend those amended returns, you still have time as long as it's within 3 years of the ORIGINAL amendment date. Also, keep in mind that the IRS has been issuing guidance that some businesses who claimed ERC might not have actually qualified. The recent emphasis on "full or partial suspension of operations" has stricter interpretation than many businesses (including mine) initially understood. If you're having second thoughts about your eligibility, it might be worth getting a second opinion from a tax professional who specializes in ERC before the statute runs out. I wish I had done this earlier - would have saved me a lot of anxiety!

Hey there! I'm a current VITA volunteer in my second year, and I completely understand your anxiety - it's totally normal! Let me share what really helped me get through that overwhelming feeling. First, you absolutely do NOT need to memorize anything. I still refer to my reference materials constantly, even after doing this for a year. The IRS provides excellent resources like Publication 4491 (VITA/TCE Training Guide) and the software itself has built-in prompts and error checks. Here's what made the biggest difference for me: focus on understanding the PROCESS rather than memorizing facts. Learn how to navigate the software, where to find information in the reference guides, and most importantly - when to ask for help. Your site coordinator would much rather have you ask questions than guess! The training is actually quite comprehensive. You'll do online modules first (Link & Learn Taxes), then attend in-person sessions where you'll practice with real scenarios. Plus, you'll be certified at different levels - Basic, Intermediate, or Advanced - based on your comfort level. Your attitude of wanting to learn and being cautious about accuracy is exactly what makes a great VITA volunteer. Don't let imposter syndrome talk you out of this - the program is specifically designed for people without tax experience. You've got this!

As someone who just finished my first year as a VITA volunteer, I want to echo what everyone else is saying - your nervousness is completely normal and actually shows you'll be a conscientious volunteer! One thing that really helped me was creating a simple "cheat sheet" of the most common situations I encountered. Things like: - Standard deduction amounts for different filing statuses - Income thresholds for various credits (EITC, Child Tax Credit, etc.) - Basic documentation requirements But honestly, after the first few returns, you'll start recognizing patterns. Most VITA returns are pretty straightforward - W-2s, maybe some unemployment income, basic credits. The software does most of the heavy lifting. The quality review process is your safety net too. I made a small error on my third return (missed checking a box), and the reviewer caught it immediately. No harm done, and I learned from it. Your motivation for volunteering (resume building + learning about taxes) is perfect. I got both of those benefits plus the satisfaction of helping families get refunds they really needed. Some people I helped were getting back $3,000+ that they would have paid hundreds to get prepared elsewhere. You're going to do great! The fact that you're asking these thoughtful questions ahead of time shows you're taking it seriously, which is exactly the attitude VITA sites need.

I'm also a student & dependent. My tax professor explained that there are actually TWO different filing requirements happening: 1. Self-employment tax filing threshold: $400 2. Income tax filing threshold: $12,950 (standard deduction for dependents in 2025) Even though you have to FILE because of the self-employment, the actual TAXABLE portion follows normal rules. You'll fill out Schedule SE for the self-employment tax on your DoorDash earnings, but your W-2 income still gets the standard deduction.

As someone who went through this exact situation last year, I can confirm what others have said - you won't lose money doing DoorDash! Here's my real-world example: My DoorDash earnings: $1,200 My campus bookstore job: $7,500 Total income: $8,700 I had to file because of the $400 self-employment threshold, but here's what I actually paid: - Self-employment tax on DoorDash: ~$170 (15.3% on net earnings after deductions) - Federal income tax: $0 (total income was under $12,950 standard deduction) The key thing I learned is that filing a return doesn't automatically make all your income taxable - the standard deduction still protects your regular W-2 income. I actually saved money by tracking my mileage and other DoorDash expenses, which reduced the self-employment tax even more. Don't let tax fears stop you from earning extra money - you'll definitely come out ahead even after paying the self-employment taxes!

I'm dealing with this exact same issue right now! Just formed my single-member LLC last week and have been trying to fax my SS4 to the Cincinnati office for 6 days straight with nothing but busy signals. It's been incredibly frustrating since I need the EIN to open a business bank account and move forward with other setup tasks. This thread has been a goldmine of information - I had no idea this was such a widespread problem or that the IRS fax lines could get this overwhelmed. The early morning timing strategy (5-6 AM Eastern) that so many people have successfully used is definitely my next approach. I was foolishly trying during midday hours thinking that would be better. Really appreciate everyone confirming the current Cincinnati fax number is 855-641-6935. I was using an outdated number from a 2023 IRS publication I found online, which explains why I wasn't even getting busy signals - just connection errors. The phone option at 800-829-4933 also sounds like a solid backup plan. It's encouraging to hear multiple people have gotten their EINs issued over the phone recently. I honestly didn't know that was possible until reading this thread! Planning to set my alarm for 4:45 AM tomorrow to try both the fax and phone approaches. Thanks to everyone who's shared their real experiences here - this community has been infinitely more helpful than any official IRS documentation I've found. Fingers crossed I'll have a success story to share soon!

I'm going through this exact same nightmare right now! Just started my consulting LLC and have been trying to fax my SS4 to Cincinnati for over 10 days with constant busy signals. It's been incredibly frustrating since I need the EIN to open my business bank account and complete other setup tasks. This thread has been absolutely invaluable - I had no idea this was such a widespread issue or that timing could make such a massive difference with IRS fax lines. I was trying during what I thought were normal business hours (9 AM - 3 PM) and getting nowhere. The early morning strategy (5-6 AM Eastern) that so many of you have successfully used is definitely my plan for tomorrow. Also really grateful for the confirmation that 855-641-6935 is the current Cincinnati fax number. I was using 855-215-1627 from an old IRS form I downloaded last month, which explains why I wasn't even connecting properly. The phone backup option at 800-829-4933 also sounds promising - I didn't realize you could actually get an EIN issued over the phone until reading all these success stories. Having both approaches ready gives me much more confidence. Setting my alarm for 4:45 AM tomorrow to try both methods. Thanks to everyone who's shared their real experiences here - this community has been far more helpful than any official IRS guidance I could find online. Hopefully I'll have a success story to add to this thread soon!

I've been trading for about 6 years and went through the same analysis paralysis you describe. Here's what I learned the hard way: The S-Corp route can work, but you need to factor in the additional costs beyond just filing fees. You'll need quarterly payroll processing, workers' comp insurance (even as the sole employee), and potentially state franchise taxes. In my case, these costs ate into the self-employment tax savings significantly. One thing that helped me was tracking my trading patterns for a full year before making any MTM decisions. I kept a simple log of when I had open positions at year-end vs when I closed everything out. Turns out I naturally close most positions before December anyway, which made MTM less beneficial since I wasn't carrying many paper gains/losses into the new year. For wash sales, I'd recommend being extra careful with December trading. Even though the loss isn't permanently gone, having it deferred to the next tax year can mess up your quarterly estimated payments if you're not expecting it. I got hit with underpayment penalties one year because of this timing issue. The broker tracking issue others mentioned is real - I use three different platforms and have to manually reconcile everything. It's tedious but necessary if you want accurate reporting.

Great discussion everyone! As someone who's been through similar analysis, I want to add a perspective on the psychological aspect of these tax strategies that often gets overlooked. I spent two years obsessing over MTM election and S-Corp structures, running endless scenarios and calculations. What I realized is that the mental bandwidth consumed by complex tax strategies was actually hurting my trading performance. The cognitive load of tracking wash sales across multiple accounts, worrying about year-end positions for MTM, and managing corporate paperwork was distracting me from what actually generates profits - good trading decisions. Sometimes the "suboptimal" tax approach that's simple and automated is actually optimal when you factor in the time and mental energy costs. My trading improved significantly when I simplified to a single broker with good tax reporting and accepted that I might pay a bit more in taxes but gained back focus and trading clarity. That said, for high-volume traders with substantial profits, the complexity can definitely be worth it. The key is being honest about whether the tax savings justify the operational overhead for your specific situation and trading style.