Anyone else notice that the terms "tax year" and "tax season" are used interchangeably in casual conversation but actually mean different things? Tax year = the year your being taxed on (like 2024) and tax season = the time period when your filing those taxes (Jan-Apr 2025). That mixup is what confused me at first too!!

This whole thread has been super helpful! I was in the exact same boat as Isabella - left my job mid-year and had no clue when to report that income. One thing that really clicked for me reading through these responses is that the tax system is essentially always one year behind. So right now in 2025, we're dealing with what happened in 2024. It's like the IRS is saying "okay, tell us what you made last year and we'll settle up." The withholding explanation was especially useful. I always wondered why sometimes I get a refund and sometimes I owe money - now I understand it's just balancing what was already taken out versus what I actually owed. Makes so much more sense when you think of withholding as prepaying your taxes throughout the year rather than the government just taking random money from your paycheck! Thanks everyone for breaking this down in plain English instead of tax jargon.

Watch out for wash sales with futures! I got flagged for audit last year because...

Great thread! Just want to add that when you're entering the Section 1256 contract information in TaxAct, make sure you double-check that the software is properly splitting your gains/losses using the 60/40 rule. I had an issue last year where TaxAct initially treated all my ES futures gains as short-term capital gains instead of applying the 60/40 split. I had to go back and specifically look for the "Section 1256 Contracts" section rather than just entering it under regular capital gains. Also, if you traded on multiple platforms like you did, make sure you're combining the totals from all your 1099-B forms before entering the aggregate amounts. The IRS wants to see one combined total on Form 6781, not separate entries for each broker.

Not sure if anyone mentioned this yet, but you should file Form 3949-A with the IRS to report your employer for suspected tax fraud. Not filing W-2s for multiple employees over multiple years is almost certainly intentional - they were probably pocketing the tax money they withheld from your paychecks. That's theft!

This is a serious red flag situation that you need to handle carefully. As others have mentioned, the POA request is highly suspicious - there's no legitimate reason a company's CPA would need power of attorney from you to fix their own filing obligations. Here's what I'd recommend doing immediately: 1. **Document everything** - Save all communications with the CPA, keep copies of your pay stubs, W-2s, and the IRS notice 2. **Get your transcripts** - Request both Wage & Income and Account transcripts from the IRS online for all affected years 3. **Don't sign anything** - Absolutely do not give them POA or sign any documents The fact that this spans multiple years and involves withholding 45% from your severance suggests they may have been mismanaging payroll taxes for a long time. If they withheld taxes from your pay but never remitted them to the IRS, that's essentially theft. You might also want to check if other former employees are having similar issues - if this is affecting multiple people, it strengthens the case for deliberate non-compliance rather than an administrative error. Consider consulting with your own tax professional who can help you navigate this without any conflicts of interest. The company's CPA is looking out for the company, not for you.

Call the tax advocate service! Sometimes they can see stuff we cant on our transcripts

Same thing happened to me last month! Had an update with no new codes and was freaking out. Turns out it was just the system doing an internal review. Two weeks later I got my 846 code and DDD. Don't lose hope - sometimes these mystery updates are actually a good sign that they're still processing your return! 🤞

Check your 2023 Account transcript too. Sometimes updates show there first before your return transcript changes.

I'm experiencing the exact same thing! My as-of date updated yesterday but zero movement on any codes or processing. Filed 1/27 and it's been radio silence since acceptance. The waiting game is brutal when you're depending on that refund. Has anyone noticed if there's a pattern to when they actually start processing after the as-of date changes?