Just wanted to add my recent experience to help others in similar situations! I received my amended return via direct deposit about 3 weeks ago. My 846 code showed up on a Tuesday, and the money actually hit my account on that exact same day - which surprised me based on what I'd been reading about typical wait times. I think the key factor might be which bank you use. I have my account with a credit union that tends to process ACH transfers pretty quickly. My friend who banks with a larger national bank had to wait 4 business days after her 846 date for the same type of deposit. For anyone still waiting, I'd definitely recommend setting up account alerts if your bank offers them rather than constantly checking your balance. The money will show up when it shows up, and the alerts saved my sanity during the waiting period. The direct deposit for amended returns is absolutely legitimate now - just be prepared for the timing to vary more than regular refunds.

I'm currently in the exact same boat as the original poster! Just saw my 846 code appear this morning with a Friday date, and I've been obsessively checking my bank account every hour. Reading through everyone's experiences here has been incredibly helpful and reassuring. It's amazing how much conflicting information is out there about amended returns and direct deposits. My tax preparer told me it would definitely be a check, but clearly that's outdated information. Based on what everyone's shared here, it sounds like the 3-5 business day window after the 846 date is pretty realistic to expect. I'm particularly grateful for the tips about watching for additional codes after the 846 and setting up bank alerts instead of constantly refreshing my account. This community has been way more informative than anything I could find on the IRS website. Will definitely report back once my deposit comes through to add another data point for future people in this situation!

This whole discussion has me thinking about the broader implications for professional services firms dealing with legacy reputation issues. What's particularly interesting is that they're not just trying to rehabilitate the brand - they're essentially making a bet that in today's fast-moving business environment, institutional memory is shorter than it used to be. From a practical standpoint, I think their success will largely depend on execution rather than brand perception. If they can deliver excellent service and maintain strong compliance standards, the Arthur Andersen association might actually become a differentiator - "we learned from those mistakes and built something better." But if they stumble on service quality or have any compliance issues, that historical baggage will amplify every negative story. The IPO timing is also strategically smart from a market conditions perspective. With interest rates potentially stabilizing and increased focus on tax planning due to ongoing policy changes, there's probably strong demand for quality tax services. If they can position themselves as the "reformed Arthur Andersen with modern technology and governance," they might capture both nostalgia for the firm's pre-scandal reputation and confidence in their new approach. I'm definitely planning to watch their S-1 filing closely when it becomes available. This could either be a brilliant rebranding success story or a cautionary tale about the limits of corporate rehabilitation.

This is such a compelling discussion from multiple angles! As someone who works in corporate accounting, I'm fascinated by the strategic risk they're taking with this brand choice. What really strikes me is the timing aspect - they're going public right when ESG (Environmental, Social, and Governance) factors are huge considerations for institutional investors. The Arthur Andersen name immediately raises governance questions that they'll need to address head-on in their roadshow presentations. I think their success will ultimately hinge on three key factors: 1) The quality and transparency of their current leadership team, 2) Their ability to demonstrate robust internal controls and compliance systems that go above and beyond industry standards, and 3) Whether they can articulate a clear value proposition that acknowledges the past while focusing on their modern capabilities. From an investor perspective, I'd be looking closely at their client concentration - are they overly dependent on any single large client? How diverse is their revenue stream? And most importantly, what's their client acquisition cost compared to competitors who don't carry this historical baggage? It's definitely going to be an interesting case study in corporate reputation management. If they pull this off successfully, it could actually become a competitive advantage - the firm that learned from one of business history's biggest scandals and came back stronger.

Has anyone actually had to pay penalties because a company was late sending their K-1? I'm in the same boat and freaking out.

This is such a common and frustrating situation! I've been through this exact scenario twice with different partnerships. Here's what I learned: First, Romeo, you're absolutely right to be concerned - partnerships that file extensions have until September 15th to get you your K-1, so they're cutting it extremely close if today is the deadline. One thing that really helped me was sending a certified letter (not just email) to both the partnership's registered address AND the tax matters partner. This creates a paper trail that shows you made formal attempts to get the required documentation. Keep the certified mail receipt - it's important evidence if you need to show "reasonable cause" to the IRS later. Also, check if your partnership agreement has any specific provisions about K-1 delivery timelines or penalties for late delivery. Some partnerships actually have clauses that protect partners in these situations. If you don't get it today, definitely document everything and consider the Form 8082 route that others mentioned. The IRS is generally understanding when partnerships fail to meet their obligations, but you need to show you did your part to try to get the information. Don't panic - you have options, and this happens more often than you'd think. The key is protecting yourself with good documentation of your efforts.

Lots of good tax advice here, but practical payment advice - if you really can't afford to pay that $500 right now, file your return on time anyway and apply for a payment plan with the IRS. The failure-to-file penalty is much worse than the failure-to-pay penalty. The IRS website lets you set up an installment agreement online if you owe less than $50,000. You can stretch payments out over several months and the setup fee is fairly small.

Hey Grace! I went through almost the exact same thing last year as a PhD student. That $500 you owe is definitely self-employment tax on your tutoring income, like others mentioned. One thing that really helped me was keeping better records of ALL my tutoring-related expenses throughout the year. I was able to deduct things like: - Gas/mileage to tutoring locations - Books and materials I bought for sessions - Even a portion of my phone bill since I used it to coordinate with students - Home office expenses if you tutor from home For next year, consider making quarterly estimated tax payments on your self-employment income - it spreads out the pain and you won't get hit with a big bill at once. The IRS has a simple online calculator to figure out how much to pay each quarter. Also, don't beat yourself up about not knowing this! Graduate programs are terrible at explaining the tax implications of side work. Most of us learn this stuff the hard way.

I'm dealing with this exact same situation and it's driving me crazy! Filed January 31st with EITC and have had 570 code dated March 8th and 971 code dated March 16th on my transcript for weeks now. Like many of you, I haven't received the actual notice yet which is super frustrating. What's really helpful reading through all these comments is seeing that this seems to be a widespread issue this year, not just something specific to my return. The information about 30% more reviews this year really puts things in perspective - no wonder so many of us are stuck waiting. I've been checking my transcript daily hoping to see a 571 code pop up, but after reading everyone's experiences, I'm trying to be more patient. The timeline of 45-60 days from the 570 date that the IRS agent mentioned to @Ethan Campbell would put me at early to mid-May, which honestly feels like forever when you're counting on that money. One thing I'm curious about - has anyone who got their refund released after these codes noticed if the amount was adjusted at all? I'm wondering if some of these reviews result in changes to the refund amount, or if they typically just verify and release the original amount. Thanks everyone for sharing your experiences - this thread has been more helpful than hours of googling IRS codes!

I'm going through the exact same thing right now and this thread has been incredibly helpful! Filed February 5th with EITC and got 570 code on March 14th and 971 code on March 21st. I've been checking my transcript obsessively every day hoping to see some movement. What really resonates with me is hearing about the 30% increase in reviews this year - that explains why so many PATH filers are dealing with these codes. I was starting to think I made some major error on my return, but it sounds like this is just the new normal for EITC claims. The most frustrating part is not knowing whether they need something from me or if it's something they're handling internally. I haven't received the 971 notice yet either, which seems to be a common theme here. Part of me wants to call the IRS, but based on what others have shared, it sounds like the agents basically tell you the same thing - wait 45-60 days and see what happens. I'm really hoping to see a 571 code appear soon. This refund was supposed to help with some unexpected medical bills, so the delay is causing real financial stress. But reading everyone's experiences here gives me hope that this will eventually resolve itself. Thanks for creating this space where we can all commiserate and share information!