Anybody else's WMR still say delayed but transcript showing 846? getting mixed signals here lol

Yeah this is totally normal! I've seen this happen before where the IRS processes everything and assigns your 846 code with the deposit date, but the actual funds won't move until PATH officially lifts on Feb 15th. Your transcript is basically showing you that your return has been approved and they've scheduled when the money will be released. Don't worry about the date showing before PATH ends - that's just how their system works. The important thing is you got your 846 which means you're all set! 🎉

To clarify what others have said: think of the 846 date like shipping a package, and the processing date like when the paperwork for that shipment is completed. The package (your refund) is already on its way as of the 846 date, even though the shipper (IRS) is still finishing their internal paperwork until the processing date. Did you file with direct deposit or are you expecting a paper check? That makes a big difference in timing.

I've been through this exact same confusion! Had my 846 date show 2/15/24 with processing date of 3/2/24 and was pulling my hair out trying to understand what was happening. The good news is that in my case, the money showed up in my account exactly 3 business days after the 846 date, even though the processing date was still weeks away. From what I've learned, the 846 date is basically when the IRS cuts the check or initiates the direct deposit. The processing date is just when they finish all their internal bookkeeping and close your file completely. It's like ordering something online - the item ships on one date (846) but the order isn't marked "complete" in their system until later (processing date). Since your 846 date was 2/22/24, I'd definitely check your bank account and maybe call your bank to see if there's a pending deposit. Sometimes it takes a few days to show up depending on your bank's processing times. If it's been more than a week since 2/22 and still nothing, that's when I'd start making some calls to figure out what's going on.

I've used Quickbooks Desktop for years and am switching to QBO. Will all my depreciation schedules transfer correctly? My accountant is warning me about potential issues with tracking basis.

One critical aspect that hasn't been fully addressed is the timing requirement for bonus depreciation. Since you're looking to complete the acquisition before year-end to offset your short-term capital gains, make sure the software assets are actually "placed in service" before December 31st. Simply closing the acquisition isn't enough - the IRS requires that the assets be ready and available for their intended use. For a SaaS business, this typically means the software systems are operational and generating revenue under your ownership. If you're doing any significant integration or system changes post-acquisition, document carefully when the assets became available for use. Also consider the Section 179 election alongside bonus depreciation. While bonus depreciation doesn't have the same income limitations, Section 179 might give you additional flexibility in how you structure the deductions across multiple years if your income situation changes. Given the complexity and the significant tax implications you're dealing with, I'd strongly recommend getting a written opinion from a tax professional who specializes in business acquisitions before finalizing your approach. The IRS tends to scrutinize large depreciation deductions that coincidentally offset substantial gains.

Has anyone considered whether these might be treated as "discount points" rather than direct income? My accountant helped me with a similar situation where I received "store credits" that could only be used for the company's products. We successfully argued that since I could only use these credits to buy their products (which I then resold), they functioned more as a discount on future purchases rather than income. This meant I didn't pay tax on receiving the credits, but instead had a lower cost basis for the products I purchased with them, which affected my profit when I resold those items. This doesn't work for everyone's situation, but might be worth discussing with a tax professional if the credits have significant restrictions on how they can be used.

I'm dealing with a very similar situation but with a twist - my company issues these credits quarterly rather than immediately after each sale. Does the timing of when I receive the credits affect how I report them? For example, if I made sales in December 2024 but didn't receive the corresponding credits until January 2025, which tax year do I report that income in? I've been assuming it should be reported when I actually receive the credits (2025), but now I'm second-guessing myself. Also, has anyone dealt with credits that have expiration dates? Mine expire after 18 months if unused, and I'm wondering if that affects their fair market value for tax purposes.

Does using TurboTax make handling crypto taxes easier? I've got some Ethereum I bought last year but I also did a small amount of trading between different coins. Not sure if I should use TurboTax or maybe try a more specialized crypto tax software?

Great breakdown, Jamal! This is super helpful timing since I'm about to start my 2024 taxes. I've been sitting on some Bitcoin and Dogecoin I bought last spring and had no idea how to handle that cryptocurrency question. One thing I'd add for anyone reading - make sure you keep good records of your purchase dates and amounts even if you're just buying and holding. I learned this the hard way when I couldn't find my Coinbase statements from early 2024. Even though I didn't have reportable transactions this year, having that documentation will be crucial if/when I do decide to sell in the future for calculating capital gains. Also, does anyone know if the rules are the same for crypto you receive as gifts? My brother sent me some Bitcoin for my birthday but I didn't do anything with it.