Don't forget you need to keep track of the interest you're paying tax on! If you never receive the money, you can file a claim for credit or refund using Form 1040-X for the year you reported the phantom interest income. But you only have 3 years from the date you filed the original return to file for a refund.

I've dealt with a very similar situation and want to add a few important points that might help you navigate this faster: First, when you call the IRS, specifically ask to speak with someone in the "Refund Inquiry" department rather than general customer service. Tell them you have an approved penalty abatement but the refund wasn't issued despite receiving a 1099-INT. Use the exact phrase "missing refund from approved abatement" - this helps them understand the specific issue quickly. Second, ask them to check if your refund was offset against any other tax liabilities or if it's sitting in an "unpostable" status. Sometimes these refunds get stuck in their system due to address verification issues or other administrative flags. Most importantly, get a case number and the name of the agent you speak with. If the first person can't resolve it, ask them to escalate to their manager or transfer you to the Taxpayer Advocate Service if it's been more than 30 days since your abatement was approved. Keep detailed records of every call - date, time, agent name, and what they told you. This documentation will be crucial if you need to escalate further. The IRS has specific timeframes they're supposed to meet for processing refunds, and if they miss these, you may be entitled to additional interest. Don't give up - this is absolutely resolvable, but it often requires persistence with their phone system!

where did u find the cycle code? I cant find mine anywere on the transcript

Filed 1/19 and accepted same day with cycle code 20250405 too! Still waiting on mine as well. From what I've researched, the "05" means we're on the weekly Friday processing cycle, so our refunds should be released this Friday 2/7. Then it depends on your bank how fast they process it. Keep checking WMR (Where's My Refund) tool on IRS.gov for the most accurate updates!

Has anyone here dealt with this situation where one of the partners is an S-Corp specifically? I'm concerned about the timing since S-Corps have different filing deadlines than partnerships.

One thing I'd add that hasn't been fully addressed - make sure you understand the potential for imputed underpayment assessments under BBA rules. Even though partnerships are pass-through entities, the IRS can assess and collect penalties at the partnership level for certain adjustments. When you file the 1065-X as your AAR, the IRS will review it and may propose an imputed underpayment based on the highest individual tax rate plus Net Investment Income Tax. The partnership can then make a "push out" election to have the adjustment flow through to the partners instead of being assessed at the partnership level. Given that you're dealing with an S-Corp partner, this could be particularly relevant since the ultimate shareholders might be in lower tax brackets than what the IRS would use for the imputed underpayment calculation. You'll want to consider whether to make the push-out election when filing the AAR or wait to see if the IRS proposes an assessment. Also, since you mentioned both partners agree on the correction, document that agreement well. It'll be helpful if the IRS has any questions about the adjustment during their review process.

Just a heads up on the Mach-E purchase - make sure you're tracking ALL your business mileage starting day one. I made the mistake of being casual about it when I first got my vehicle for my real estate business, and it caused me headaches at tax time. I recommend getting a mileage tracking app that automatically logs your trips. You'll need to categorize each trip as business or personal. For realtors, business mileage includes driving to showings, open houses, meeting clients, checking on properties, etc. Also, keep all documentation from the purchase - especially anything showing the vehicle's eligibility for the EV credit. The IRS has been known to question these claims.

One thing nobody has mentioned yet - if you're buying the vehicle in December, make sure it's actually placed in service before year-end if you want the deductions for this tax year. "Placed in service" means actually using it for business purposes, not just purchasing it. Also, take photos of your odometer when you first get the vehicle and whenever you use it for business in those first few weeks. This documentation can be super helpful if questions come up later.

I waited until February 15th last year before filing because my PayPal 1099K came super late despite the January 31 deadline. Some companies just don't meet the deadline and there's basically no consequence for them. So frustrating!

Based on everything discussed here, it sounds like you're in good shape to file now without waiting. Since you made $780 through PayPal, you're well under the $5,000 threshold for 2024, so PayPal isn't required to send you a 1099-K anyway. The fact that you've already included all your PayPal income on Schedule C is exactly what you should be doing. You're legally required to report all income regardless of whether you receive tax forms for it, and it sounds like you've got detailed records which is the most important thing. I'd recommend going ahead and filing rather than waiting. If by some chance you did receive a 1099-K later (which seems unlikely given the threshold), it wouldn't create a problem since you've already reported more income than what would be on the form. The IRS is looking at your total reported income, not trying to match every individual transaction to a form. Getting your refund processed sooner is definitely a nice bonus for being organized with your record-keeping!