try checking your account transcript instead of return transcript. sometimes that updates first

Cycle 05 here too and filed 1/22 - transcript was blank for almost 3 weeks but finally updated this past Friday! Don't stress too much, it seems like they're just really backed up this year. Mine showed up with a DDD of 2/7 so hopefully yours will update soon. Keep checking Friday mornings since that's when cycle 05 typically refreshes 🤞

As someone who's been through the refund advance process multiple times, I'd add a few important considerations that haven't been fully covered yet: 1. **Timing matters** - Most advances are only available after January 15th when the IRS starts accepting returns, but some services open applications earlier for pre-approval. 2. **Bank account requirements** - Many services require you to receive the advance (and sometimes your full refund) on their branded prepaid card rather than direct deposit to your own account. This can create additional fees if you need to transfer money out. 3. **State tax complications** - If you owe state taxes or have garnishments, it can affect both your advance eligibility and final refund amount, leaving you potentially owing money back to the advance provider. 4. **Alternative option** - Some credit unions and community banks offer short-term "tax season loans" with better terms than commercial tax prep advances, especially if you're already a member. The key is reading ALL the fine print and having a backup plan if your actual refund doesn't match expectations. Hope this helps your community members make informed decisions!

Great question about credit unions! Most credit unions I've researched require 30-90 days of membership before you're eligible for personal loans, but some offer immediate access to basic loan products for new members. The Navy Federal Credit Union and Alliant Credit Union both have tax season loan programs with rates typically 6-12% APR (much better than the effective rates on most refund advances). However, there's an even better approach: if you join a credit union now, you could set up a small automatic savings transfer each month. By next tax season, you'd have your own "refund advance" fund built up, plus you'd earn interest instead of paying fees. Many credit unions also offer free tax prep software access to members, which could save you money on filing fees too. The membership requirements vary - some require you to live/work in certain areas, while others like Alliant just need a small donation to a partner charity. Definitely worth researching what's available in your area!

14 Just a heads up that many CPAs are completely booked for this tax season already. I waited until February last year and ended up having to file an extension because nobody had availability. Might want to start calling around asap!

Great question! I went through this exact same transition a few years ago. You're absolutely right to consider a professional with your more complex situation - rental properties and side businesses have a lot of nuances that TurboTax might miss. To answer your main question: You will still be the one signing your tax return as the taxpayer. The CPA signs as the paid preparer, but you're ultimately responsible for the accuracy of the information. However, a good CPA will have professional liability insurance and should stand behind their work. Here's what typically happens: You'll have an initial meeting where you bring all your documents (W-2s, 1099s, rental income/expense records, business receipts, etc.). They'll prepare your return and then schedule a review meeting to go through everything with you before you sign. This review is crucial - ask questions about anything you don't understand! One tip: Ask potential CPAs about their experience specifically with rental properties and small businesses. Some are more focused on individual returns and might not be as familiar with Schedule E or Schedule C complexities. Also ask about their audit support policy upfront. Start calling soon though - many good CPAs get booked up quickly during tax season!

Great discussion here! Just wanted to add another perspective as someone who's been running an S Corp for 5 years. The salary vs distribution strategy really does work, but documentation is key. I keep detailed records showing how I determined my "reasonable salary" - industry salary surveys, job postings for similar roles, and notes from my accountant. One thing I learned is to be conservative in your first couple years. The IRS seems to pay more attention to newer S Corps, especially those with large distribution-to-salary ratios. I started with a higher salary percentage and gradually optimized it as my business matured. Also, make sure your corporate formalities are solid - separate bank accounts, proper board resolutions, etc. The IRS is more likely to respect the S Corp structure if you actually treat it like a corporation. The tax savings are real though - I save about $8,000-10,000 annually in self-employment taxes compared to when I was a sole proprietor.

As a tax professional, I want to emphasize something that's been touched on but bears repeating: the "reasonable salary" requirement is absolutely critical and the IRS takes it seriously. I've seen too many S Corp owners get into trouble by trying to minimize their salary too aggressively. For web design services at your revenue level, $65K is likely in a good range, but you should document how you arrived at that number. Look at Bureau of Labor Statistics data, industry salary surveys, and local job postings for similar roles. The IRS uses a "facts and circumstances" test that considers your education, experience, time devoted to the business, duties performed, and what an independent third party would pay for the same services. One red flag the IRS watches for is a very low salary relative to distributions - if you're paying yourself $30K but taking $120K in distributions, that's going to raise eyebrows. Your current split seems reasonable. Also remember that reasonable compensation can change as your business grows - if you're generating significantly more revenue in future years, your salary should probably increase accordingly. The tax savings are real and legitimate when done properly, but always err on the side of caution with salary levels. The penalties for getting it wrong can be substantial.

I went through something very similar with an LTR 672C last year. The key thing to understand is that this letter means the IRS has determined you received more refund than you were entitled to, and they're now applying that "overpayment" to cover other tax obligations. Based on what you've described, it sounds like you might have unreported income from 2018 that the IRS recently matched up with their records. This is actually pretty common - they get 1099s and W-2s from employers/clients and use automated systems to cross-reference them with your filed return, sometimes years later. My advice: Don't panic, but don't ignore it either. Pull your 2018 wage and income transcript from the IRS website (irs.gov) to see exactly what income was reported under your SSN that year. Compare that to what you actually reported on your return. You'll likely find the missing piece of the puzzle there. If you do find unreported income, you'll need to file an amended return (Form 1040X) for 2018. The good news is that if your overpayment covers the additional tax owed, you might just owe some interest rather than penalties. Make sure to respond within the timeframe specified in the letter - usually 30-60 days.

Just wanted to add one more important point that I learned the hard way - when you file that amended return (1040X) for the unreported income, make sure you include Form 8857 if you're married filing jointly and your spouse wasn't involved in the unreported income. This can help protect your spouse from penalties and interest. Also, keep detailed records of everything - copies of the original LTR 672C, your wage and income transcripts, the amended return, and any correspondence with the IRS. If they send you additional notices (which sometimes happens even after you've resolved things), having this paper trail makes everything much easier to sort out. One last tip: if you're planning to use a tax professional for future returns, now might be a good time to establish that relationship. They can review your amended return before you file it and help prevent similar issues in the future. Many people don't realize that even small freelance jobs or side gigs need to be reported if you receive a 1099.