dose anyone know if the cycle code changes? mine was 05 last year but showing 02 this time

The cycle codes dont mean anything anymore tbh. I've seen 02 people waiting forever and 05 getting paid quick. its all random now

One thing to consider while you're still small - get good tax PLANNING software, not just preparation software. That's where you can really add value and charge higher fees. I use Holistiplan for analyzing client tax situations and modeling different scenarios. Clients are way more willing to pay premium rates for help AVOIDING taxes rather than just filing returns. Something to think about as you scale!

Great thread! As someone who made the jump from casual tax prep to a real practice about 3 years ago, I'd echo the Drake recommendation but also suggest looking into ProSeries if you want something more budget-friendly to start. It's about $800-1000 for the base package and handles most everything you'll need early on. One thing I wish someone had told me when I was scaling up - invest in a good scanner and document management system early. I started with a basic flatbed scanner and it became a huge bottleneck when I hit 50+ clients. Now I use a high-speed duplex scanner (Fujitsu ScanSnap) and it's been a game changer for productivity. Also, don't underestimate the importance of having a solid intake process. Create standardized organizers and checklists for clients - it'll save you tons of back-and-forth emails asking for missing documents. Good luck with the expansion!

I feel you on the stress! Code 570 hit my transcript last month and I was freaking out too. From what I've learned lurking here, it's usually just the IRS being extra careful with their reviews. Mine actually cleared after about 5 weeks with no action needed on my part. The waiting is brutal but try to stay positive - most people get their refunds eventually, just takes longer than expected. Keep checking your transcript every Friday when it updates!

Code 570 is actually pretty routine - it just means they're doing additional verification on your return. I know it's scary when you need the money, but try not to panic! The most common reasons are income verification, checking for identity theft protection, or quality assurance reviews. Since you mentioned claiming EIC, that's probably why - they automatically review those more carefully. Most 570 holds resolve in 4-8 weeks. Keep checking your transcript every Friday for updates, and if you don't see any movement after 8 weeks, definitely call the Taxpayer Advocate Service. Hang in there!

I've been dealing with MLP K-3 issues for the past few years and can definitely relate to your frustration. The key insight that helped me was understanding that when a partnership makes such an explicit statement about having no foreign source income or foreign taxes, they're legally bound by that representation. Your MLP's statement is actually quite comprehensive - they're not just saying they don't currently have foreign income, but that they "do not own assets generating income" from foreign sources. This is a structural statement about their business model, not just a current snapshot. I've found that most MLPs in the energy infrastructure space (pipelines, storage, etc.) operate purely domestically and genuinely have no foreign exposure. When they make these clear statements on the K-1, it's because they have complete certainty about their operations. The unfortunate reality is that the K-3 requirement has created this administrative burden where partnerships must produce forms even when there's nothing to report. But from a practical standpoint, if you uncheck the foreign transaction box based on their explicit statement, you're following their guidance and acting reasonably. I'd recommend keeping a copy of that K-1 statement with your tax records just in case, but you should feel confident proceeding with your filing on schedule.

I've been through this exact scenario with my MLP investments and want to share what I learned from both my tax preparer and direct IRS guidance. When your K-1 explicitly states that the partnership "does not own assets generating income and otherwise does not have foreign source income or incur foreign taxes," this is actually a very strong legal statement that you can rely on for filing purposes. The confusion around K-3 timing is unfortunately common, but here's what many taxpayers don't realize: the IRS requires partnerships to make K-3 forms available regardless of whether there's any foreign activity to report. This means even partnerships with zero foreign transactions must go through the K-3 process, which is why you're seeing these delays. In your situation, since the partnership has made such a clear and comprehensive statement about their lack of foreign exposure, you're absolutely justified in unchecking the foreign transaction box and filing on time. The partnership wouldn't make this statement if there was any uncertainty - they know taxpayers depend on this guidance for filing decisions. I've handled this the same way for three tax seasons now with multiple MLP investments and never had any issues. The key is that explicit language on your K-1 - that's your documentation that you made a reasonable decision based on the partnership's official guidance.

Same here! Got the 570 code about a week and a half ago and have been refreshing my transcript and checking the mail constantly. It's so nerve-wracking not knowing what's going on with your refund. Reading all these responses is actually really comforting though - sounds like most people get straightforward requests for verification. Really hoping mine is just something simple like what Emma and Landon dealt with. The waiting game is brutal but at least we're not alone in this! 😅

Just wanted to add my experience to help ease some anxiety! I had a 570 code last year and was freaking out for about 3 weeks before I got the letter. Turned out they just needed me to verify my identity online through ID.me - took maybe 20 minutes total and my refund was released within a week after that. The waiting is absolutely the worst part but try not to stress too much. From what I've seen here and in my own experience, it's usually something pretty routine that gets resolved quickly once you know what they need. Hang in there everyone! 💪