I completely understand the panic you're feeling right now - having your CPA admit they don't know how to handle a critical form just days before the deadline is absolutely maddening, especially when you're paying for their expertise. Based on the excellent advice already shared in this thread, it sounds like you have several good options to get this resolved quickly. The suggestions about using tools like taxr.ai to analyze your specific situation or claimyr.com to actually speak with an IRS specialist seem particularly valuable given your tight timeline. One additional thought - if you do end up needing to file an extension as others suggested, don't feel like it's a failure. Extensions are incredibly common for corporate returns, especially when complex forms like 5452 are involved. The key is making sure you pay any estimated taxes owed by the original deadline to avoid penalties. Also, once you get through this crisis, definitely take the advice about finding a new CPA who specializes in corporate tax work. Form 5452 and E&P calculations are fundamental for C-corporations that make distributions - this really should be basic knowledge for anyone handling corporate returns. You've got this! The community here has given you great resources to work with, and it sounds like you're being thorough about getting it right. Document everything you're doing and the sources you're using, and you'll be in good shape.

I've been through the exact same nightmare with a CPA who was in over their head on corporate tax issues. The stress is absolutely brutal when you're paying someone to be the expert and they're basically asking you to do their job for them. Since you're cutting it so close to the deadline, I'd strongly recommend filing Form 7004 for an automatic extension today if you haven't already. This gives you until October 15th to file the actual return and takes the immediate panic off the table. You'll still need to pay any estimated taxes owed by the original deadline, but at least you won't be scrambling to get Form 5452 perfect in the next few days. The community here has shared some incredible resources - the combination of AI analysis tools and direct IRS contact options should give you multiple paths to get this resolved properly. I used similar approaches last year when my CPA dropped the ball on a complex corporate issue, and it honestly worked better than relying on someone who clearly didn't know what they were doing. One silver lining - this experience is probably going to lead you to a much better CPA relationship. When you do find someone who actually specializes in corporate returns, you'll never have to deal with this kind of last-minute panic again. Document everything you're doing now so you can show the new CPA exactly what happened and how you resolved it. You've got the tools and knowledge from this thread to handle it. Take a deep breath and tackle it systematically!

Has anyone tried just using the IRS "Get Transcript" tool to download the actual 1099Bs? Sometimes the online version shows more details than what they mail you.

One thing that helped me was creating a spreadsheet with all the mystery 1099Bs from my transcript, then systematically going through each investment account statement from the tax year. I included columns for the last 4 digits of the TIN, the dollar amounts, and transaction dates. What I discovered was that some of my "mystery" 1099Bs were actually from dividend reinvestment plans (DRIPs) that I had completely forgotten about. These often get their own separate reporting even when they're associated with stocks you hold in your main brokerage account. Also check if you have any old retirement accounts or 401(k)s from previous employers. Sometimes when you do rollovers or transfers, there can be interim reporting from custodial companies that generates 1099Bs you wouldn't expect. The amounts are usually small but they still need to be accounted for properly. If all else fails, you might want to consider getting a tax professional to help reconcile everything. It's frustrating to pay for something you feel like you should be able to figure out yourself, but the peace of mind is worth it when you're dealing with dozens of forms.

Been waiting since April 2024 here and this is super helpful info! Had no idea they'd include the interest in the same check. At 7% that's actually not terrible considering how long we've all been waiting. Thanks for the heads up about the 1099-INT too - would've definitely forgotten to report that interest as income next year.

Just wanted to chime in as someone who finally got their refund check last month after waiting since February! Can confirm everything comes in one check - the original refund amount plus all the accumulated interest. The breakdown was actually printed right on the stub that came with the check, so you can see exactly how much was interest vs the original refund. Really helpful for record keeping before that 1099-INT shows up next January. Hang in there everyone, the wait sucks but at least we're earning something on it!

This is a really solid tax strategy that I've seen work well for many families. One additional consideration I'd suggest is timing the stock transfer and sale carefully. If your mom has other income sources (like Social Security or pension), you'll want to calculate her total projected income for the year to make sure the capital gain doesn't push her above the 0% bracket threshold. Also, consider whether she needs all $100k at once or if the renovations could be spread over multiple years. If you could gift and have her sell portions of the stock across 2-3 years, it might help keep her in that 0% bracket each year while also allowing you to use more of your annual gift exclusion ($18,000 per year) rather than dipping into your lifetime exclusion. Don't forget that she'll also need to meet the long-term capital gains holding period requirement (over 1 year), but since she inherits your holding period with the gifted stock, this shouldn't be an issue if you've held it long-term.

This is exactly the kind of thoughtful tax planning that can really benefit families in your situation. One thing I'd add to the excellent advice already given - make sure to keep detailed records of the original purchase dates and costs for all the stock you're gifting. The IRS can be particular about cost basis documentation, especially for older holdings. Also, since you mentioned your mom has mobility issues, you might want to consider setting up the brokerage account transfer and sale process to be as simple as possible for her. Many brokerages offer phone-based trading services for older clients, or you could potentially set up a limited power of attorney to help her execute the sales when she's ready. One last thought - if any of the renovation work qualifies for accessibility improvements, there might be additional tax credits available at the federal or state level that could further reduce her overall tax burden. Worth checking into!

Has anyone used TurboTax Self-Employed for this situation? We're trying to figure out if we need to upgrade from the regular version we've used in past years. My husband just started doing photography on the side.

Great question! Your wife can definitely start a sole proprietorship while you continue your full-time job. Since you file jointly, you'll include her business income and expenses on Schedule C of your joint return - no need for separate filings. A few key things to keep in mind: 1. **Self-employment tax**: Your wife will need to pay self-employment tax (15.3%) on any profit from the business, which covers Social Security and Medicare taxes. 2. **Quarterly estimated taxes**: If she expects to owe $1,000 or more in taxes from the business, she should make quarterly payments to avoid penalties. You can use Form 1040-ES to calculate these. 3. **Business losses**: Yes, any business losses can offset your joint income, potentially lowering your overall tax bill. Just make sure to keep detailed records to show it's a legitimate business and not a hobby. 4. **Record keeping**: Get a separate business bank account and credit card, save all receipts, and track mileage for business use. Good documentation is crucial, especially for deductions like home office expenses. Since your combined income will likely be higher with the business, consider setting aside 25-30% of her business income for taxes to be safe. You might also want to adjust your W-4 withholding to cover the additional tax liability instead of making quarterly payments.