Just wanted to chime in - be careful about what's on your EIN letter. Mine also mentioned Form 720, but my accountant explained that the IRS often lists ALL potential forms a business might need, not necessarily what your specific business requires. Form 720 is pretty specialized for excise taxes on specific products/services.

I run a small greenhouse business which has some similarities to landscaping. I've never had to file Form 720 because I don't deal with any of the excise taxable items. If you're just doing regular landscaping you should be fine without it! My advice is to check Schedule C instructions (if you're a single-member LLC) to make sure you're handling your tax situation correctly for your business type.

I ran into this exact same issue last month! What helped me was checking the IRS's "What's New" section on their website - they sometimes post interim guidance or notices with updated figures before the full publication is released. Also, if you're working with a tax professional or have access to professional tax software, they often have the updated worksheets available earlier than the general public since they get advance copies. In the meantime, the 2023 version with updated 2024 limits (as others mentioned) should definitely work fine - the calculation methodology rarely changes, just the dollar amounts.

I completely understand your frustration! I went through this same headache last year when I was trying to set up my first SEP-IRA. Here's what I learned from that experience: The IRS usually publishes Notice 2024-xx (they use different numbers each year) in late October/November with all the updated contribution limits and cost-of-living adjustments for the following year. For 2024, it was Notice 2023-75 that had all the retirement plan limits. You can find these notices much earlier than the full publication updates. For immediate help, I'd recommend calling the IRS Business & Specialty Tax Line at 800-829-4933. They have specialists who can walk you through the worksheet calculations using current year figures. The wait times are brutal, but if you call right when they open (7 AM local time), you usually get through faster. Also, many local SCORE chapters (free small business mentoring) have retired CPAs who volunteer and can help with these calculations. They often have access to the updated worksheets through their professional networks before they're publicly available. Don't stress too much about being "behind" - you're actually ahead of most small business owners by handling this yourself and asking the right questions!

I'm an accountant and see this ALL THE TIME this year. There are massive delays with several banks including Credit Karma. The issue is volume - the IRS is processing refunds in batches and some batches are getting delayed on the receiving end. Nothing to worry about yet, but if it goes beyond 5 business days from your DDD, then call the IRS directly to confirm it was actually sent.

I'm dealing with the exact same situation! DDD of 3/15 with Credit Karma and still waiting. After reading through all these comments, it sounds like CK is doing extra verification holds this year without notifying people. I'm going to try contacting them through the app chat specifically asking about holds like some people suggested. It's so frustrating when you're counting on that money and the bank doesn't even tell you there's an issue! Hopefully we all get our refunds soon. Thanks everyone for sharing your experiences - makes me feel less alone in this mess.

According to the official IRS refund timeline at IRS.gov/refunds, most tax returns are processed within 21 days. The PATH Act creates an exception for returns with certain credits, but they should still be actively processing your return. The IRS's "Where's My Refund" tool isn't always accurate during the PATH delay period - that's just how their system works. I've had returns with the PATH message that processed without any issues after the holding period ended.

Hey Elijah! As someone who's been through this process multiple times, I can totally understand your anxiety. The good news is that if there were major issues with your return, you likely would have received a notice by now - the IRS is pretty quick to send letters when they need additional information or find errors. Since you filed on 1/30 and it's been over a month, here's what I'd suggest: definitely check your tax transcript online if you haven't already. It often shows more detailed processing information than the "Where's My Refund" tool. Look for any processing codes that might give you clues about what's happening. The PATH Act can be really frustrating, especially for first-time filers, but try not to panic. Many returns sit in this limbo for weeks without any actual problems. That said, if you want peace of mind, you could try calling the IRS directly - though be prepared for long wait times during tax season. Good luck!

Great point about account types! Just to add some clarity for anyone reading - if this is a Roth IRA, the rules are different too. With Roth accounts, you can withdraw your original contributions (basis) at any time tax-free, but earnings withdrawals before age 59½ may be subject to taxes and penalties. For taxable accounts like the original poster seems to be describing, the proportional method mentioned earlier is typically the default, but as others have noted, you might have options like specific identification that could be more tax-efficient depending on your situation. Keep detailed records of all your transactions including dates, amounts, and any reinvested dividends - this will make basis calculations much easier whether you do them manually or use software to help.

One thing I'd add that hasn't been mentioned yet - if you're dealing with partial withdrawals regularly, it might be worth considering tax-loss harvesting strategies alongside your basis calculations. When you're withdrawing from investments that have gains, you could potentially sell other investments at a loss to offset some of the taxable gains. Also, timing can matter. If you've held the investment for less than a year, you'll pay short-term capital gains rates (taxed as ordinary income), but if you've held it for more than a year, you'll get the more favorable long-term capital gains rates. In your example with the $160 taxable gain using the proportional method, this rate difference could be significant depending on your income bracket. Just make sure you don't run into wash sale rules if you're planning to repurchase similar investments within 30 days of selling at a loss.