Have you considered hiring a tax professional to help you out? Sometimes it's worth paying someone who knows how to navigate the system.

Another option is to try calling the IRS early in the morning (like 7 AM sharp when they open) or during lunch hours when call volume might be lower. I've had better luck getting through during those times. Also, if you have any local IRS Taxpayer Assistance Centers near you, you might be able to schedule an in-person appointment - sometimes that's faster than trying to get through on the phone. Just make sure to bring all your documents with you!

If you're still having trouble interpreting the transcript, another approach is to check your Return Transcript as well. While the Account Transcript shows processing codes, the Return Transcript shows what information the IRS has processed from your actual tax return. Sometimes comparing both can give you better insight into where your return stands. The Transaction Codes (TC) are the key indicators - especially TC 150 which confirms your return is in the system, and ultimately TC 846 which indicates your refund has been approved with the associated date. Don't get discouraged if it seems complex at first - the IRS system has a steep learning curve, especially for international filers.

Just wanted to add - when you're looking at your Account Transcript, pay attention to the "as of" date at the top. This shows when the transcript was last updated. If your return was just filed recently, it might take a week or two before you see meaningful codes like TC 150. Also, the cycle codes can help predict processing timelines - generally returns with cycle codes ending in 01-04 process faster than those ending in 05. Don't panic if you don't see a refund date immediately - the system updates weekly, usually overnight on Fridays. The transcript can look overwhelming with all those numbers and codes, but focus on the basics first: TC 150 means they have your return, and TC 846 with a date means your refund is approved and scheduled.

Has anyone here actually had their K-1 rejected or gotten a notice from the IRS for putting short-term rental income/losses in the wrong box? I'm wondering if this is really something the IRS focuses on or if it's more of a technical distinction that doesn't matter in practice.

For anyone confused about this (like I was), here's the simple version based on what I learned when dealing with my vacation rental: Publication 925 classifies short-term rentals as "non-rental activities" for determining whether you can deduct losses against other income. But they're still reported in Box 2 of K-1 because they are still real estate. The real question you should be asking is whether you "materially participate" in your short-term rental business. If you do (spend 500+ hours managing it, for example), you might be able to deduct those losses against other income regardless of which box they're in on the K-1.

I wonder if this has anything to do with how Cash App reports cryptocurrency transactions? I got a similar notice last year, and it turned out Cash App had filed a special form for the small amount of Bitcoin I'd sold, which triggered extra verification of my information.

This thread has been super helpful! I'm dealing with a similar situation but mine is from Robinhood instead of Cash App. Got a First B Notice about some stock transactions from last year. Reading through everyone's experiences, it sounds like the name matching thing is really strict. I think my issue might be that I have "Jr." on my Social Security card but didn't include it when I set up my Robinhood account. One question though - has anyone had experience with how long it takes for the IRS to update their records once you submit the corrected W-9? I'm worried about getting more notices even after I fix this. Also want to say thanks to everyone who shared their stories and solutions. Makes me feel a lot less stressed knowing this is a common issue that can be resolved!

One thing nobody mentioned yet - if you didn't file Form 8621 for 2022 when the PFIC status started, you might need to file amended returns. The IRS requires Form 8621 to be filed for each year you hold a PFIC, even if there are no transactions or elections being made. Missing this form can potentially suspend the statute of limitations on your entire tax return, meaning the IRS could audit that year indefinitely. You might want to file Form 8621 for 2022 with a "reasonable cause" statement explaining that you weren't aware of the PFIC status at that time. This could help avoid penalties.

I've been following this thread closely since I dealt with a similar PFIC situation last year. Based on your description, you're definitely on the right track with the deemed sale + QEF election approach, but there are a few critical details you need to nail down. First, regarding your 2022 situation - since MTNF became a PFIC on August 15, 2022, you technically should have filed Form 8621 for that partial year, even though you received a K1. The PFIC rules override the partnership tax treatment once the entity qualifies as a PFIC. As others mentioned, you should consider filing an amended 2022 return with Form 8621 and a reasonable cause statement explaining you weren't aware of the PFIC status change. For your 2023 deemed sale election, the key requirement is that you must be able to demonstrate that making a QEF election is "in the best interests of the taxpayer." This usually means you need to show that QEF treatment will result in lower taxes than the excess distribution method. The IRS looks at factors like your expected holding period and the fund's expected income profile. One thing to double-check: make sure your investment actually qualifies for deemed sale treatment. Some corporate reorganizations can complicate this, especially if there were multiple steps in the merger process. You might want to review the exact structure of that August 2022 transaction to confirm your basis calculations are correct. Have you been able to get any response from the company's investor relations team about the annual information statement yet?