Has anyone actually filed a BOI report yet? I'm trying to prepare for mine (Jan 2025 deadline) and wondering how complicated the actual process is. Do I need to gather a bunch of documents first?

I went through this exact same confusion with my single-member LLC! Here's what I learned after consulting with a CPA and doing a ton of research: Being the sole member of an LLC doesn't make you a "sole proprietor" in the legal sense - you're still operating an LLC entity. However, for tax purposes, the IRS does treat single-member LLCs as "disregarded entities" (similar to sole proprietorships) by default. For BOI reporting, what matters isn't your tax classification but whether you meet the specific exemption criteria. The most common exemption is for "small operating companies" which requires: - Under 20 full-time equivalent employees - Under $5 million in gross receipts/revenue from US sources - Physical office within the United States Since you mentioned it's just you running things with no employees, you likely meet the first two criteria. The key question is whether you have a physical US business address (not just a PO box or virtual office). My advice: Don't assume you're exempt just because you're the only person involved. Check all the exemption criteria carefully, and when in doubt, it's better to file than risk penalties. The actual filing process is pretty straightforward once you determine you need to do it. Hope this helps clarify things for you!

Another option - get your Master's in Taxation! I did this after undergrad instead of the JD or going straight for CPA. It gave me specialized knowledge that set me apart from regular accounting grads, and I still went on to get my CPA after. The MST programs often have great connections to tax departments at big firms.

As someone who's been in tax for over 20 years, I'd strongly recommend starting with the CPA route. Here's why: the barrier to entry is lower, you'll start earning income sooner, and you'll get real-world experience that will make you a better professional regardless of whether you later add a JD. I've seen too many people go straight to law school without understanding what tax work actually entails day-to-day. The CPA path gives you that foundation. Plus, many employers will help fund law school if you decide to pursue it later - but they rarely help fund CPA programs for attorneys. One thing I'll add that others haven't mentioned - consider your personality type. CPAs tend to work more collaboratively with clients on planning and compliance. Tax attorneys often deal with more adversarial situations - audits, disputes, litigation. Both are valuable, but think about what energizes you more. The money will come with either path if you're good at what you do. Focus on which type of work excites you more, and don't underestimate the value of getting into the workforce sooner rather than later. You can always add credentials, but you can't add back years of experience.

One thing nobody has mentioned yet is that the Tax Cuts and Jobs Act changed some rules that might affect your 1256 contract loss carryback. If your losses include any from after December 31, 2017, there could be transition rule complications. The TCJA didn't eliminate the 1256 contract loss carryback period, but some of the interaction with other tax provisions changed. Double check if your 2018 losses were from transactions before or after the cutoff date.

I went through something very similar with my 1256 contract losses from futures trading in 2018. The IRS initially rejected my carryback attempt, and it turned out I had made two critical errors: First, I didn't properly complete Part IV of Form 6781 for the carryback year. You need to show the carryback amount in line 11 and make sure the math flows correctly through to Schedule D. Second, and this was the big one - I failed to include a clear election statement with my amended return. The IRS wants to see explicit language stating that you're electing to carry back the 1256 contract losses under Section 1212(c). I had to write something like "Taxpayer elects to carry back $[amount] of net capital losses from Section 1256 contracts from tax year 2018 to tax year 2017." After I resubmitted with these corrections plus all the supporting documentation everyone else mentioned (both years' Form 6781, detailed calculation statement, etc.), it went through without any issues. The whole process took about 8 months from start to finish, but I eventually got my refund. Check your rejection letter carefully - they usually give you at least a hint about what specific item they couldn't locate or verify in your filing.

Has anyone used TurboTax for AMT calculations with stock options? I heard it doesn't handle the AMT credit carryforwards correctly and I'm worried I'll mess something up. Would I be better off with H&R Block or going to a CPA?

I went through a similar situation last year with ISOs and AMT, and I wish I had understood the mechanics better beforehand. Let me try to fill in some gaps that might help you. The key thing to understand about your $143,000 ISO exercise is that the "bargain element" (difference between what you paid and fair market value) gets added back as an AMT preference item. So if you exercised options with a strike price of $10 and the shares were worth $20, that $10 difference per share becomes AMT income even though it's not regular taxable income until you sell. With your $187,000 salary plus the ISO adjustment, you're definitely going to be in AMT territory. The good news is that your mortgage interest is still mostly deductible under AMT (unlike state taxes), and your charitable deductions will help both calculations. One thing that helped me was using the AMT Assistant worksheet from IRS Publication 909 to do a rough calculation before year-end. It's not perfect, but it gave me a ballpark figure. The key is understanding that you'll likely owe AMT this year, but you'll generate AMT credits that can be recovered in future years when your regular tax exceeds AMT. For planning purposes, if you still have unvested options, consider the timing of future exercises more carefully. Spreading them across multiple years can help minimize the AMT impact compared to doing large exercises all at once.

After verification they processed my refund in like 2 weeks. Way faster than I expected ngl

Had my appointment last month and honestly it wasn't as scary as I thought! The agent was actually pretty nice and walked me through everything. Main things they asked: confirm SSN, previous addresses from last 3 years, and details about my 2023 tax return. Whole thing was done in 45 mins including wait time. Pro tip: bring a bank statement too - they asked for it to verify my direct deposit info for the refund.