Does anyone know if there's a statute of limitations on unfiled FBARs? I'm in a similar situation but it's for 2020, not 2022.

I went through something very similar in 2021 with a property transaction in Italy. The key thing I learned is that the IRS really does look favorably on voluntary disclosure before they contact you. I filed my delinquent FBAR about 8 months late and received no penalties. One important detail for your situation: make sure you report the correct maximum balance for 2022. Since you received that $85K deposit in September, your maximum balance would include that amount even though the full transaction didn't complete until 2023. The FBAR requires reporting the highest balance at any point during the year, not just year-end balances. Also, don't stress too much about the timing of filing your 2023 FBAR alongside your tax return in April. The FBAR deadline is actually April 15th with an automatic extension to October 15th (no need to request it), so you have plenty of time to get both years filed properly.

Does anyone know if you can have multiple SMLLCs? Im thinking about starting a second business but keeping it separate from my first one. Would I report both on the same Schedule C or have multiple Schedule Cs?

Great question! I went through this exact same confusion last year with my SMLLC. Here's what I learned after consulting with a tax professional: For issuing the 1099-NEC: Use your LLC's information (LLC name, EIN, and LLC address) as the payer. Even though it's a disregarded entity for income tax purposes, the LLC is still the legal entity that made the payment to your contractor. For your mixed 1099s: You're absolutely right to report both exactly as issued on your tax return. The one with your SSN goes on Schedule C as normal business income, and the one with your LLC's EIN also goes on Schedule C (same schedule). TurboTax handles this well - just make sure when you enter the LLC's 1099, you indicate it's for the same business activity. One tip that saved me headaches: Keep really good records showing which payments came through which entity. It helps during tax prep and if you ever get questions later. Don't stress too much about being late on the 1099-NEC - as long as you get it filed soon, the penalties aren't usually too severe for first-time issues. The important thing is getting it right going forward!

According to the Office of Child Support Enforcement website (acf.hhs.gov/css), another option to consider is requesting a case review through your state's child support agency. Many states have implemented enhanced collection methods beyond tax refund interception, including passport denial for debts over $2,500, credit bureau reporting, and property liens. The OCSE Federal Parent Locator Service might also help identify other income sources. Have you checked if your state has an online portal where you can track enforcement actions?

Thank you all for sharing such detailed experiences! This is incredibly helpful. @Fatima Al-Farsi - I didn't know about the passport denial option for debts over $2,500. That's actually a really powerful enforcement tool I hadn't considered. Do you know if that applies automatically once the debt reaches that threshold, or does it need to be specifically requested through the state agency? Also, regarding the online portals - my state does have one, but it's pretty basic and doesn't show much detail about what enforcement actions are currently active. I'm wondering if there's a way to get more transparency about which collection methods are actually being pursued in my case.

Has anyone used Vanguard for their small business 401k? We're considering them for our S-Corp (just me and my husband), but their website isn't super clear about the fees for small plans.

Based on your income level and S-Corp structure, I'd definitely recommend going with a 401k plan that includes profit sharing. This will give you the highest contribution limits compared to SEP IRAs or SIMPLE plans. Here's the breakdown for 2025: Each of you can contribute $23,000 as employee deferrals, plus your S-Corp can make profit sharing contributions up to 25% of your W-2 wages. The total combined limit is $69,000 per person if you're under 50. The key is setting your reasonable salaries correctly. You want them high enough to satisfy IRS requirements but not so high that you're paying unnecessary payroll taxes. For your income levels, you'll probably want salaries around $80-100k each, which would allow significant profit sharing contributions on top of your employee deferrals. One thing to watch out for - make sure you establish the 401k plan before December 31st if you want to make contributions for this tax year. The setup process typically takes 4-6 weeks, so don't wait too long to get started. I'd suggest getting quotes from Fidelity, Vanguard, and Charles Schwab for small business 401k plans. They all have good options for two-person S-Corps and can walk you through the specifics based on your projected income.

one thing nobody mentioned - a lot depends on which states r involved!! some states r SUPER aggressive about claiming residents (looking at u California and New York) while others barely care. where r u now and where u thinking of going?? that makes a huuuge difference in how careful u need 2 be!!

You're smart to think about this ahead of time! One important thing to add - even if you maintain residency in your home state, you'll still need to be aware of the temporary state's rules for non-residents earning income there. Some states have "convenience of employer" rules where they'll tax remote work income even if you're just temporarily present. Also, consider setting up a paper trail that shows your intent to return home. Keep paying bills at your parents' address (even if it's just a small utility or subscription), maintain memberships in local organizations, keep your car registered in your home state, etc. The more ties you maintain, the stronger your case for keeping your original state residency. And definitely keep that detailed calendar someone mentioned - not just for tax purposes, but because if you do need to file as a part-year resident anywhere, you'll need to know exactly how much income was earned in each state during your time there.