Just wondering - has the corporation filed Form 8925 (Report of Employer-Owned Life Insurance Contracts) if any life insurance policies were taken out as part of this ROBS arrangement? I see this forgotten often with ROBS structures.

For ROBS structures, you should also consider whether Form 5500 annual return filing requirements apply to the retirement plan that owns the corporation shares. Since the plan is investing in employer securities (the corporation itself), there may be additional ERISA compliance and reporting obligations beyond just the corporate tax return reporting. The plan administrator (likely the couple) needs to ensure they're meeting all qualified plan filing requirements, including proper valuation of the employer securities held by the plan. This is separate from the Schedule G reporting but equally important for overall compliance.

Just want to add - make sure you're following local zoning laws if you're running a business from your home. Some neighborhoods have restrictions on commercial activities, including vehicle rentals and storage of commercial vehicles. Would hate to see you get hit with fines or have to shut down your business after investing in the camper.

Great question about the garage storage deduction! I've been through something similar with my rental property business. The key is proper documentation and maintaining that business separation. You're on the right track with the 60/40 split idea. Here's what I learned from my experience: 1. Calculate the square footage your camper takes up in the garage versus your total garage space 2. Apply your business use percentage (60% in your case) to that portion 3. Have your LLC pay you monthly rent for that space - yes, actual money needs to change hands to make it legitimate 4. Keep detailed logs of rental days vs personal use days to support your percentage For example, if your camper takes up 25% of your garage space, and you use it 60% for business, you could potentially deduct 15% of garage-related expenses (utilities, maintenance, etc.) that are attributable to that space. The monthly payment from LLC to you creates rental income for you personally (which you'll pay taxes on), but it's a legitimate business expense for the LLC. Make sure to draft a simple rental agreement between yourself and your LLC for the storage space. One thing to watch out for - if your garage serves multiple purposes, you'll need to be very specific about what portion is dedicated to camper storage versus other uses.

Just wanna add that if you're not making a profit for several years, the IRS might classify your farm as a hobby rather than a business. Generally, they expect you to show a profit in 3 out of 5 consecutive years (though the rule is 2 out of 7 years for horse operations). If you get classified as a hobby, you lose all those business deductions. So document EVERYTHING that shows you're trying to make a profit - your business plan, marketing efforts, education/training, improvements aimed at efficiency, etc.

Something that hasn't been mentioned yet is the importance of keeping a detailed activity log from day one. I learned this the hard way when the IRS audited my small farm operation three years in. They wanted to see proof that I was spending substantial time on legitimate business activities, not just weekend hobby farming. I'd recommend tracking your hours weekly - time spent researching markets, maintaining equipment, caring for animals, preparing land, etc. Also document any educational activities like attending farming workshops, reading agricultural publications, or consulting with extension agents. This creates a paper trail showing business intent even before you have revenue. One more tip: consider getting your farm business properly registered and obtaining any necessary licenses or permits for your area, even if you're not selling yet. Having official recognition as an agricultural operation strengthens your position if questions arise about business legitimacy.

Thank you all for the detailed responses! This community is incredibly helpful. Based on everyone's input, it sounds like my cycle code 03 should indeed be weekly processing with Thursday transcript updates. I'm encouraged by @Alexander Zeus's timeline since we filed so close together. I'll definitely check my transcript tomorrow (Thursday) and hope to see that TC 846 code with a DDD. The medical expenses aren't critical until next week, so if I get a deposit date for February 28th like suggested, that would work perfectly. I'll update this thread once I see movement - fingers crossed! Really appreciate everyone taking the time to share their experiences and knowledge about the IRS processing patterns.

As someone who's been through this exact situation multiple times, I can confirm that cycle code 03 is definitely weekly processing. I've had the same cycle code for the past 4 years and always see transcript updates on Thursdays with refund deposits typically the following Wednesday. Since you filed January 30th without any credits, you're right in the sweet spot for processing. I filed February 2nd (also cycle code 03, no credits) and just checked my transcript this morning - still showing processing but I'm expecting to see movement this Thursday. The key thing I've learned is to check your transcript on IRS.gov rather than relying on Where's My Refund, as the transcript updates first. Given your filing date and the current processing timeline, I'd expect you to see your TC 846 code (refund issued) either this Thursday or next Thursday at the latest. Keep us posted on what you find!

So many people get caught by this! Another thing to watch out for - staking rewards and mining rewards are also taxable as ordinary income at the time you receive them. Then when you sell or convert those coins later, you'll also have capital gains/losses based on the value when you originally received them.

This is such a common misconception! I went through the exact same realization last year and it was honestly overwhelming at first. The good news is that you're not alone and there are definitely ways to sort this out. Since you mentioned most of your conversions were under $1000, the actual tax impact might not be as scary as you think - especially if some of those conversions happened when crypto prices were down from when you originally bought in (those would be losses that can actually help reduce your tax burden). My advice would be to start by downloading transaction histories from all the exchanges you used. Most major platforms keep detailed records going back years. Then you can either use one of the crypto tax software tools people have mentioned, or if you're comfortable with spreadsheets, you can calculate the gains/losses manually. The key thing is to make a good faith effort to report everything accurately. The IRS understands that crypto record-keeping wasn't always straightforward, especially in earlier years. As long as you're trying to comply and using reasonable methods to determine fair market values at the time of each conversion, you should be fine. Don't let the stress paralyze you - tackle it step by step and you'll get through it!