Heads up - calling the IRS is basically impossible rn. I tried for 2 weeks straight and couldn't get through. Save yourself the headache

I'm in a similar situation - filed early and have been stuck in "processing" limbo for weeks now. One thing that helped me understand what might be happening is that the IRS has been dealing with some system upgrades and staffing issues that are causing longer processing times than usual this year. The fact that both your federal and state returns show as "accepted" is actually a good sign - it means there were no immediate red flags that would cause an outright rejection. The processing delay could be due to several factors: identity verification reviews, earned income credit verification, or just general backlog. Since you're past your estimated deposit date of 02/12, you might want to wait another week or two before taking action. If you're still stuck in processing by early March, you could try calling the taxpayer advocate service - they're sometimes easier to reach than the main IRS line and can help with extended delays. Also double-check that your bank account info matches exactly what you put on your return, including account type (checking vs savings). Sometimes even small discrepancies can cause delays.

I was dealing with the exact same confusion a few months ago! Code 290 is when they add or adjust tax (usually increases what you owe), and 291 reduces a previous assessment (decreases what you owe). If you see both, they're likely correcting something - maybe they initially added too much tax with a 290, then realized their mistake and used 291 to reduce it. The key is looking at the dollar amounts and dates to see the full picture of what adjustments they made to your account.

Just went through this same nightmare last month! Code 290 typically means they're adding tax or making an adjustment that increases your liability, while 291 is when they're reducing a previous tax assessment. What really helped me was looking at the transaction dates and amounts - if you see a 291 after a 290, it usually means they caught their own mistake and are correcting it. The IRS transcript system is honestly confusing as hell, but once you understand that 290 = increase and 291 = decrease, it starts to make more sense. Keep an eye on your account - mine took about 2-3 weeks to fully process after I saw both codes.

I've been through this same confusion before! The minus sign had me convinced something was wrong with my return until I learned it's just how the IRS does their accounting. It's like they intentionally made it as confusing as possible 😅 One thing I'd add is that if you want to track exactly when your refund will hit, keep an eye out for Transaction Code 846 on your transcript - that's when they actually issue the refund and it usually includes the exact date it'll be deposited. In my experience, once you see TC 846, the money typically shows up within 1-2 business days if you have direct deposit set up. The whole system would be so much clearer if they just used normal accounting where positive numbers mean money coming to you, but hey, at least now you know the secret decoder ring! Your "refund approved" status is definitely the green light you want to see.

The transcript system definitely has a learning curve! I remember being in the exact same boat a few years ago - staring at those codes like they were written in a secret language. One thing that helped me was keeping a simple cheat sheet of the most common codes: • TC 150 = Return filed and processed • TC 846 = Refund issued (this is the golden ticket!) • TC 766 = Credit to your account • TC 768 = Earned Income Credit • Minus signs = Credits/refunds coming your way The timing everyone mentioned about Friday morning updates is spot on. I've noticed the IRS tends to batch process things overnight Thursday into Friday. Once you see that TC 846 with a date, you can pretty much count on the money hitting your account on that exact date if you have direct deposit. It's frustrating that they use backwards accounting logic, but at least once you crack the code, it becomes much less stressful to interpret. Your situation sounds textbook - minus sign plus "refund approved" equals money in the bank soon! 💰

I tried doing an OIC myself first and ABSOLUTELY REGRET it!! Wasted 5 months and got rejected for "incomplete financial information" even though I sent everything they asked for. Then I hired a tax attorney who charged $4,200 flat fee for both federal and state. They refiled everything and my offer got accepted 6 months later. Settled $93k of tax debt for $11k. So worth every penny of their fee!!! My advice: don't try to save money by doing it yourself or hiring the cheapest person. This is one area where experience really matters. I probably lost more in penalties and interest during those wasted 5 months than I paid my attorney.

The $4,200 fee you mentioned is definitely within the reasonable range for handling both federal and state OICs. I went through this process two years ago and paid $3,800 to a tax attorney who successfully settled my $78k debt for $9,500. What really matters is the attorney's specific experience with OICs. When I was shopping around, I made the mistake of initially focusing only on price. The cheapest quote I got was $2,200, but when I dug deeper, that person had only handled about 15 OIC cases total. My final choice had over 200 OIC cases under their belt with documented success rates. A few questions to ask your attorney: How many OIC cases have they handled in the past year? What's their acceptance rate? Can they provide references from recent OIC clients? Do they have experience with cases similar to your debt amount and situation? The upfront investment might seem steep, but consider that a rejected OIC can cost you months of additional penalties and interest. Plus, you'd likely have to start over with a new professional anyway. Better to invest in proven experience from the start.

Adding to the discussion on zeroed-out GRATs - I actually implemented this strategy for my SaaS startup about 6 months before we got acquired. The key insight my estate planner shared was that with pre-IPO shares, you're essentially betting that your company will outperform the IRS Section 7520 rate (which was around 4.4% when I set mine up). Since most successful startups see much higher returns than that hurdle rate, zeroed-out GRATs can be incredibly effective. In my case, we were acquired at about 15x the valuation used when I created the GRAT, so everything above that 4.4% annual growth transferred to my kids' trusts completely tax-free. One practical tip: consider creating multiple short-term GRATs (like 2-year terms) instead of one longer-term GRAT. This gives you more flexibility if your IPO timeline changes, and you can "roll" unsuccessful GRATs into new ones if needed. My attorney called this a "GRAT ladder" strategy. The voting rights piece worked smoothly - I retained full voting control throughout the GRAT term, which was important since I was still actively involved in strategic decisions leading up to our exit.

This is such a timely discussion for me! I'm in a similar situation with my biotech startup - we're targeting an IPO in the next 12-18 months and I've been wrestling with the same GRAT questions. One thing I haven't seen mentioned yet is the impact of potential volatility in pre-IPO valuations on GRAT effectiveness. My company's valuation has been all over the place with market conditions, and I'm wondering if there's an optimal timing strategy for when to actually fund the GRAT relative to our most recent 409A valuation. Also, has anyone dealt with the scenario where your startup pivots or the IPO gets delayed significantly? I'm curious how that affects the GRAT performance, especially if you've structured it as a zeroed-out GRAT betting on that IPO appreciation. The voting rights discussion has been really helpful - definitely planning to retain those given how active I still am in company decisions. Thanks everyone for sharing your real-world experiences!