Make sure your CPA understands the difference between Form 5472 for foreign-owned U.S. corporations versus foreign corporations with U.S. operations. The requirements differ and many accountants mix them up if they don't specialize in international taxation. Also worth noting - if your LLC is a single-member LLC and you're the foreign owner, the LLC is likely treated as a disregarded entity for federal tax purposes, which has different reporting requirements than a corporation filing Form 1120. Did your CPA discuss this with you?

I'm dealing with a similar situation right now! My foreign-owned LLC also needs to file these forms and my accountant initially left the Reference ID blank too. After reading through this thread and doing some research, I decided to create a Reference ID using my company name abbreviation plus the year I formed the LLC. One thing I learned is that consistency is key - whatever Reference ID you choose, you need to use the exact same one on all future filings. I made a note in my business records so I won't forget it next year. Also, I'd recommend double-checking with your accountant about whether your LLC should actually be filing Form 1120 at all. As Omar mentioned, single-member LLCs are usually treated as disregarded entities for tax purposes, which would mean different forms entirely. This could save you from filing unnecessary forms and potentially avoid complications down the road. The IRS instructions for these international forms are definitely confusing, but getting it right from the start will save headaches later!

The DDD is not a suggestion, it's a promise (for most people)! You'll get it on 3/12 give or take a day depending on chase and what time they process deposits. But don't expect it much earlier than that.

Chase typically deposits right on the DDD, so plan for March 12th. I've had Chase for years and they're pretty strict about waiting until the exact date - unlike some of the online banks that release early. Since you already have your DDD, the hard part is over! Just a few more days of waiting. I know it's frustrating but at least you know exactly when it's coming.

tbh i stopped trying to figure out the codes. I check every morning and pray 🙏 thats my system now lololol

Here's a quick reference for cycle codes that might help! The last two digits tell you the processing day: 01 = Monday, 02 = Tuesday, 03 = Wednesday, 04 = Thursday, 05 = Friday. But remember these are just when the IRS *processes* - not necessarily when you'll see updates. Updates usually happen overnight before that day. So if you have cycle code ending in 05, check Friday mornings for changes. The timing can still vary though depending on your specific situation and how backed up they are. Hope this helps decode things a bit! 📊

Try calling your bank. Ask specifically about pending ACH deposits. Many can see them in their system before they post. Worth a shot. Might save you stress. Some banks have early posting policies. Credit unions often process faster. Online banks vary widely. Navy Federal typically posts overnight. USAA sometimes same day.

Military spouse here who's been through several PCS moves! I always get anxious about refund timing during moving season too. In my experience, that TurboTax email usually means you're 24-48 hours away from seeing the money. What I've learned to do is immediately check my bank's mobile app for any pending transactions - sometimes they show up there before officially posting. Also, since you mentioned checking your transcript, that's actually a great idea! Look for code 846 with a date - that's when the IRS actually sent your refund. The gap between that date and when you got the email can give you a better sense of your bank's processing speed. For future PCS moves, I always try to file early January to avoid any refund delays during peak moving season. Hope your deposit comes through quickly and your move goes smoothly!

Has anyone considered that there might be another option? If your son doesn't have enough income to benefit from taking the deduction (meaning his taxable income would be reduced to zero without using all the mileage deduction), then you might explore whether you qualify for the deduction as part of a "parental employment contract" where you're essentially working for your minor child's business. This gets complex but might be worth exploring with a professional.

I'm dealing with almost the exact same situation! My 16-year-old just started umpiring baseball games and I'm driving him all over the place. After reading through all these responses, it sounds like the consensus is that the minor should claim the mileage deduction on their Schedule C since they're the independent contractor, even though we parents are doing the actual driving. I really appreciate everyone sharing their experiences - especially the suggestion about keeping detailed mileage logs with dates, destinations, and business purpose. That seems to be the key regardless of which approach you take. One question for those who've been through this: do you track mileage from home to the game location, or do you need to establish a separate "business location" for your kid's contractor work? I'm wondering if driving from our house counts as commuting (which isn't deductible) or if it's considered business travel since the games are at various locations.