Just wondering if anyone here has experience with amended 720 forms? I messed up my first filing by using the wrong tax rate and am nervous about filing a correction.

Great question about Form 720 timing! I've been filing these for my small manufacturing business for about 3 years now. One thing I'd add to the excellent advice already given - if this is your first time filing Form 720, I'd strongly recommend doing a "dry run" of the form about 2-3 weeks before the deadline. Fill it out completely with your actual numbers, but don't submit it yet. This helps you identify any questions or issues while you still have time to get help. Also, since you mentioned handmade jewelry, double-check which specific excise taxes actually apply to your products. Not all jewelry items are subject to excise tax - it depends on factors like materials used and sale price thresholds. The IRS has specific guidelines for luxury goods that might not apply to all handmade items. For your first filing, I'd aim for mid-July submission (around July 15-20) to give yourself a buffer but avoid the last-minute rush. And definitely go electronic if possible - the confirmation receipt alone is worth it for peace of mind!

I'm dealing with this same issue right now! Just got my refund deposited to Chime yesterday and was shocked when I could only pull out $500 at the ATM. I had no idea about these limits beforehand. A few things I've learned from calling around today: - Some credit unions will do "cash advances" from your debit card for higher amounts than ATM limits (usually $1000-2000) - You can also try going to a Chime partner bank location - they sometimes have different limits for in-person transactions - If you have Zelle or Venmo linked to another account, you can transfer through those apps too The ACH transfer suggestion is probably your best bet for the full amount, but definitely start it ASAP since it takes a few business days. I'm learning all this the hard way because I also have a tuition payment due soon. Good luck!

Just wanted to add another option that saved me when I was in this exact situation a few months ago - you can also use your Chime debit card to make a large purchase (like paying your tuition directly with the card if your school accepts it) since the daily spending limit is much higher than the ATM withdrawal limit. I was able to pay my $3,200 tuition bill directly with my Chime card even though I could only withdraw $500 in cash. This might be the fastest solution if your school's payment portal accepts debit cards. Just double-check that your school doesn't charge extra fees for card payments - some do, but it might still be worth it to avoid the hassle of multiple transfers and potential delays!

One thing nobody's mentioned - keep REALLY good documentation. Store copies of: 1) The signed transfer forms 2) Proof of mailing (tracking or certified mail receipt) 3) Screenshot or printout showing stock's high/low prices on gift date 4) Brokerage statements showing the shares leaving your account I got audited over a stock gift in 2023 and having this documentation saved me thousands. The IRS initially claimed I undervalued the gift but backed off immediately when I showed them my documentation proving the correct date and valuation.

Based on everyone's advice here, it sounds like you're in good shape! Since you mailed your properly executed transfer forms on January 2nd, that should be your gift valuation date regardless of when the broker actually processes the transfer or how much the stock has moved since then. Just make sure you have that proof of mailing (hopefully you used certified mail or overnight delivery with tracking) and can document the stock's high/low prices on January 2nd to calculate the mean value for gift tax purposes. Even with the 8% jump since then, your gift value is locked in at the January 2nd price. This is actually a perfect example of why the IRS uses the "dominion and control" test rather than waiting for actual transfer completion - otherwise gift values would be at the mercy of processing delays that are completely outside the donor's control.

Just wanted to add that I made a huge mistake with my OIC by not being completely honest about a small side gig income. The IRS found out and instantly rejected my offer. If you have ANY side income or assets, disclose everything. They will find out and it's an automatic rejection if you're not 100% transparent. Also, check if you qualify for the "Fresh Start" program which has more flexible OIC terms. And sometimes an installment agreement might actually be better than an OIC depending on your specific situation and the amount of time left on the collection statute.

I went through the OIC process successfully about 18 months ago, so I can share some real-world insights. With your $47k debt and $3,100 monthly income, you're actually in a decent position for an OIC if you can demonstrate genuine financial hardship. A few critical tips from my experience: 1. **Documentation is everything** - The IRS will scrutinize every expense you claim. Keep receipts for everything and only claim legitimate necessary expenses. They have specific allowable amounts for things like housing, utilities, food, etc. 2. **Be conservative with your offer** - I initially wanted to lowball them, but my research showed that offers too far below their calculated "reasonable collection potential" get rejected immediately. Aim for something close to their formula. 3. **Timeline expectations** - My OIC took 8 months to get approved. During this time, collection activities stopped, which was a huge relief. 4. **Consider your collection statute expiration date** - If you're close to the 10-year mark, an installment agreement might actually be better than an OIC since the debt could expire naturally. The key is showing that paying the full amount would create genuine financial hardship while still offering something reasonable based on your actual ability to pay. Don't give up hope - it's definitely possible to get approved if you approach it methodically.

Has anyone actually gotten an OIC approved recently? I heard they're rejecting almost all of them now because of new internal policies. Not sure if its even worth all this trouble with the expenses.

Based on your situation, you should list your reasonable share of the housing expenses even though you're not directly paying rent. The IRS looks at your overall household contribution, not just whose name is on specific bills. For your specific case, I'd recommend option 2 - listing the actual amount your partner pays ($1,500) as your housing expense, but you'll need to clearly document how you contribute to the household through utilities, groceries, and insurance payments. This shows the IRS that you're genuinely sharing the housing burden. Make sure to include: - A written explanation of your living arrangement - Bank statements showing your regular payments for household expenses - Documentation that your combined contributions (your utilities/food + partner's rent) cover the total household costs The IRS will compare this against their standard allowable amount ($2,400 in your case), and since $1,500 is less than the standard, it should be acceptable. The key is transparency and consistent documentation that matches what you report on your forms.