For what it's worth, I've been filing my own 5500-EZ for my solo 401k for the past 3 years. It was intimidating at first, but it's actually not that complicated if your situation is straightforward. The key things: 1. If your plan assets are under $250k at the end of the year, you might be exempt from filing 2. Make sure you know your plan number and EIN 3. The instructions on the IRS website are actually decent once you read through them carefully 4. File by July 31 for calendar-year plans I spend maybe an hour each year on this now. Just my experience, but wanted to offer a DIY perspective!

Your CPA is being honest about their limitations. My previous accountant tried to help with my Form 5500 despite limited experience and completely messed it up. Cost me $5,200 in penalties that took months to get abated!!! Consider calling Schwab directly - since they're your plan provider, they might have resources or recommended partners who specialize in these filings. Many providers have relationships with TPAs who can handle this for reasonable fees.

The dealership is absolutely wrong about the "one per lifetime" rule - there's no such restriction on EV tax credits. I've actually claimed the credit twice myself: once in 2022 for a Chevy Bolt and again in 2024 for a Ford Mustang Mach-E. Both times I received the full $7,500 credit without any issues. What the dealership might be thinking of is that Tesla and GM temporarily lost eligibility for the credit a few years ago when they hit the 200,000 vehicle sales cap under the old rules. But that cap was completely eliminated with the Inflation Reduction Act changes in 2022. The current rules focus on vehicle price limits, income thresholds, and manufacturing requirements - not on how many times you've claimed the credit. As long as each vehicle purchase meets the current eligibility requirements and you have sufficient tax liability to use the credit, you can claim it multiple times. I'd suggest double-checking that your new vehicle is on the eligible list at fueleconomy.gov since not all EVs qualify for the full credit anymore due to battery component sourcing requirements.

The dealership is definitely giving you incorrect information. There is no "one per household per lifetime" rule for EV tax credits. I work in tax preparation and see clients claim multiple EV credits regularly. The Clean Vehicle Credit can be claimed each time you purchase a qualifying electric vehicle, as long as you meet the current requirements for that tax year. The key restrictions are: - Income limits ($300K for joint filers, $225K for head of household, $150K for single) - Vehicle price caps ($55K for cars, $80K for SUVs/trucks/vans) - Final assembly in North America - Battery component and critical mineral sourcing requirements The confusion might stem from the old manufacturer cap that used to limit Tesla and GM vehicles, but that was completely eliminated in 2022 with the Inflation Reduction Act. I'd recommend checking if your specific new vehicle model qualifies at fueleconomy.gov before making the purchase, since many EVs now only qualify for partial credits or no credit due to the battery sourcing requirements. But the "lifetime limit" claim from your dealer is completely false.

I'm so sorry you're going through this - it's a horrible feeling when you realize someone you trusted has potentially committed fraud using your name. I went through something similar a few years ago and want to share what I learned. First, definitely file that Form 14157 complaint against the preparer as others mentioned. But also consider contacting your state's Board of Accountancy or licensing board if your preparer is licensed - they take these complaints seriously and can revoke licenses. When you file your amended returns, include a detailed letter explaining the situation. I wrote something like "I recently discovered that my tax preparer included fictitious business information on my returns without my knowledge or consent. I am voluntarily amending to correct these errors and have filed a complaint with the IRS regarding this preparer's conduct." The IRS was actually pretty understanding in my case once I showed I was proactively fixing the problem. I had to pay back the excess refund plus interest, but they waived most penalties because I demonstrated good faith by coming forward voluntarily. Document everything - keep copies of all communications, your original returns, and evidence that you don't actually have the business claimed on your return. This will be crucial if the IRS has questions later. You're doing the right thing by addressing this now rather than hoping it goes unnoticed. The IRS has gotten much better at catching these patterns, so it's better to be proactive.

This is absolutely a serious situation that needs immediate attention. As someone who works in tax compliance, I can tell you that what you're describing - creating fictitious Schedule C business losses - is one of the most common forms of tax preparer fraud. The good news is that you discovered this relatively quickly and can take corrective action. Here's my recommended action plan: 1. **Immediately stop using this preparer** - Don't let them file anything else for you 2. **Gather all documentation** - Keep copies of both returns, any communications with the preparer, and proof that you don't operate any business 3. **File Form 14157** to report the preparer to the IRS - This creates an official record 4. **File amended returns (Form 1040-X)** for both years - Include a detailed explanation letter 5. **Consider contacting the IRS Taxpayer Advocate Service** if you run into issues Regarding your concern about the preparer being notified of amendments - they typically aren't directly notified when you file 1040-X forms, but they may find out through other means if the IRS investigates them. You're wise to address this proactively. The IRS has sophisticated systems that flag these patterns, and voluntary disclosure generally results in much better treatment than being caught in an audit. While you'll likely need to pay back the excess refunds plus interest, acting in good faith by coming forward can help you avoid fraud penalties. Don't panic - you're taking the right steps to protect yourself.

I actually just went through this exact situation a few months ago! The anxiety was real, but it ended up being much more straightforward than I initially feared. Since you filed your 83(b) election within the 30-day window, you've already cleared the most critical hurdle. The IRS requirement to attach it to your tax return is more of an administrative step to ensure proper record-keeping on their end. Here's what worked for me: I prepared a simple, professional cover letter stating that I had timely filed my 83(b) election within 30 days of stock purchase but inadvertently omitted it from my e-filed return. I included my full name, SSN, tax year, and explicitly mentioned this was supplemental documentation for my already-processed return. I attached a clean copy of my original signed 83(b) election and mailed everything to the IRS processing center via certified mail with return receipt. The entire process took maybe 15 minutes to prepare, and having that certified mail receipt gave me tremendous peace of mind. No amended return necessary, and no complex procedures - just clear communication and proper documentation. Given that your shares are on a 4-year vesting schedule, getting this sorted now will definitely help you avoid any potential complications down the road. You're being proactive about it, which is exactly the right approach.

I went through this exact situation with my Series A startup last year and can definitely relate to the stress! The good news is that since you filed your 83(b) election within the 30-day window, you've already completed the most critical step. The IRS processing centers are actually pretty used to handling these supplemental 83(b) submissions. I sent mine about 6 weeks after e-filing my return, and it was processed without any issues. The key is being clear and direct in your cover letter. For your cover letter, include: your name, address, SSN, the tax year (2024 for your 2025 filing), and a simple statement like "I am submitting this 83(b) election as supplemental documentation to my e-filed tax return. The original election was properly filed within 30 days of stock purchase on [date]." Send it certified mail to the Fresno processing center since you're in California. I also kept a copy of everything including the certified mail receipt - documentation is your friend with the IRS. Given your 4-year vesting schedule, getting this sorted now will save you potential headaches later. The "phantom income" concern is real if you don't have the 83(b) election properly on file, but since you filed within the initial deadline, you should be protected. The supplemental submission just ensures everything is properly connected in their system.

Is there any software that specifically helps with optimizing the salary vs dividend split for C Corp owners? I'm using turbotax for business now but it doesn't really give guidance, just calculations after you've already decided.

Great question! You're absolutely right that the double taxation fear is often overblown for small C Corp owners. I've been running my consulting business as a C Corp for 3 years now and the salary deduction works exactly as you described. One thing I learned the hard way though - make sure you're paying payroll taxes on your salary (FICA, unemployment, etc.). Some new C Corp owners forget that even as the owner, you're technically an employee when you pay yourself a salary, so all the normal employment tax obligations apply. Also, don't overlook the benefits of being able to retain earnings in the corporation at the lower corporate tax rates (21% federal) if you're not ready to take distributions yet. Sometimes that's actually better than pass-through taxation depending on your personal tax bracket. The key is really understanding your specific cash flow needs and tax situation rather than just following generic "C Corps have double taxation" advice.