One important thing nobody's mentioned yet - make sure you check your state's requirements for ongoing LLC compliance! In my state (California), you have to pay an $800 annual franchise tax just to maintain your LLC, regardless of whether you make any money. I learned this the hard way and got hit with penalties because I thought "no income = no taxes." Keep in mind there might be: - Annual state fees/franchise taxes - Annual reports/statements of information - Business license renewals - Registered agent fees These costs exist even when you're pre-revenue, so factor them into your startup budget. Each state is different, so check your specific location.

Don't overthink this! I formed my LLC 2 years before I made a single dollar. Just keep your business and personal finances separate from day one (separate bank account is a must), track all expenses meticulously, and save receipts for everything. For accounting software, check out Wave - it's completely free for basic accounting and receipt tracking. You can connect your business bank account and it'll pull in all transactions automatically. When you start making money, I'd recommend getting professional help around the $5k revenue mark. Before that, most accountants will charge you more than they're saving you.

The 8879 confused me too! My tax guy said it's like giving permission for him to "sign" the 1040 electronically on my behalf. Basically the 8879 form is saying "I reviewed this return, it's correct, and I authorize you to submit it electronically with my electronic signature." In the olden days when everyone mailed paper returns, you'd sign the 1040 directly. Now with e-filing being so common, the 8879 replaces that physical signature step.

Thank you so much for asking this question! I was literally in the exact same boat last month and was stressing about it too. It's totally normal to be confused about this - the whole e-filing process isn't super intuitive when you're new to it. What everyone else said is spot on: the Form 8879 IS your signature for e-filed returns. Think of it this way - when you sign the 8879, you're basically telling your tax preparer "Yes, I've reviewed my return, everything looks correct, and I authorize you to submit this electronically on my behalf." The IRS accepts this as equivalent to you physically signing the 1040. The signature line you see on the actual 1040 form is only used for paper returns that get mailed in. Since your preparer is e-filing, that line stays blank and the 8879 takes its place. You're definitely not missing anything or doing anything wrong! One tip: make sure you actually review your return carefully before signing the 8879, since that signature confirms you've looked everything over and it's accurate. But sounds like you're already being thoughtful about the process, so you should be all set!

I'm going through almost the exact same thing right now! Filed in March, amended in July, got my CP05 in October. The "frivolous position" thing freaked me out at first but my tax preparer explained it's usually something minor that gets flagged by their system. The good news is you avoided that huge penalty! I've been checking my transcripts weekly and calling every month or so. No movement yet but the IRS rep told me amended returns with CP05 letters are taking 4-6 months minimum this year due to staffing issues. I know the wait is killing you (trust me, I feel it too) but from everything I've read here and other forums, most people do eventually get their refunds. Keep your documentation ready and maybe try calling that number if you haven't heard anything by the 4-month mark. We got this! 💪

Hey Ryan, I totally get your frustration - I went through something very similar last year and the waiting was absolutely nerve-wracking! The good news is that CP05 letters, while scary, are actually pretty routine when you file an amendment. The fact that they specifically acknowledged your amended return "corrected your frivolous position" and you avoided that $5,100 penalty is HUGE - that's a major win right there! The "further examination" part sounds intimidating but it's basically just their way of saying they need to manually review your changes, which unfortunately takes forever with their current staffing issues. From my experience and what I've seen others post here, most people with CP05 letters do eventually get their refunds - it just takes way longer than anyone wants. My advice: keep checking your online account transcripts regularly (look for any 846 refund codes), and if you hit the 120-day mark with no communication, definitely call that 866 number. I know the wait is brutal but try to stay positive - you're actually in better shape than you might think! 🤞

How long has it been since you filed? Are you checking account daily? Did you have credits on your return? Need answers fast. Planning my budget around this.

I can relate to the anxiety of waiting! Filed 2 weeks ago and have been in the same boat - checking transcript multiple times daily with no updates. Based on what others are sharing here, it sounds like this timing mismatch happens more often than I thought. The key takeaway seems to be that IRS systems aren't always synchronized, so refunds can be processed and deposited before transcripts reflect the changes. Though Keisha's warning about potential adjustments is definitely something to keep in mind - might be worth keeping that refund money untouched for a few weeks just in case there are any corrections needed later.

I'm in week 4 post-verification and this thread is both reassuring and terrifying! What strikes me is how wildly different everyone's experience has been - from 11 days to 3+ months. I called last Friday and the agent told me my verification was "processed successfully" but my return is in "manual review" which could take "several more weeks." The lack of consistency in their answers is maddening. At least now I know from Paolo's comment that 9 weeks is actually the official timeline, not the 21 days they advertise everywhere. I'm going to try that early morning calling strategy Ava mentioned - maybe getting through at 6:58 AM will get me a more definitive answer about where I actually stand in their queue.

I went through this nightmare last year and can totally relate to your frustration! After doing both online and phone verification (same as you), I waited exactly 47 days to get my refund. What really helped was keeping a detailed log of every interaction - dates of verification, confirmation numbers, agent names when I called. The IRS system is so inconsistent that having your own paper trail becomes crucial if something goes wrong. One thing I learned: the "21 days" they advertise is basically meaningless after verification. Think of it more like 6-10 weeks realistically. I know it's torture when you're used to instant everything (your crypto comparison is perfect!), but try to set your expectations for the longer timeline. The money will come, it's just their archaic system moving at government speed.