Just want to add something about the California thing you mentioned - some states have different e-filing schedules than the federal system. California does sometimes accept certain e-filings when the federal system is down for maintenance, but that's for state returns only, not federal. So while you might be able to e-file a CA state return during this period, it doesn't change anything about federal filing capabilities.

As someone who's been through this exact situation, I can confirm what everyone else is saying - that EA is definitely using pressure tactics. The IRS e-filing shutdown is routine maintenance that happens every year and has zero impact on regular 2024 tax filings. I made the mistake of rushing into hiring a tax preparer last year because of similar "urgent deadline" claims, and it cost me both money and quality service. Take your time to find someone reputable who doesn't resort to scare tactics. The fact that they're pushing you to sign "ASAP" over something that doesn't even affect your filing timeline is a huge red flag. A good tax professional would explain the actual deadlines clearly and let you make an informed decision without artificial pressure.

Just to add a practical perspective - my husband and I run a 2-member LLC consulting business. We started taking draws only (partnership taxation) for the first two years when profits were lower. In year 3, we switched to S-Corp status once we crossed $120k in annual profit. Now we each take a $45k salary and the rest as distributions. That saves us around $4,600 in SE taxes annually, which more than covers the extra $1,800 we pay for payroll processing and additional tax preparation complexity. The other benefit is that having W-2 income makes it easier to qualify for mortgages and other loans compared to just having Schedule K-1 income, which lenders sometimes view skeptically.

I've been following this thread and wanted to share some additional perspective as someone who's helped several family members navigate LLC taxation decisions. One thing I'd emphasize for your daughter is timing - if they decide to elect S-Corp status, they need to file Form 2553 within 75 days of forming the LLC (or by March 15th of the tax year they want it to be effective). Missing this deadline means waiting until the next tax year. Also, since they're college students, consider their other income sources. If either has significant scholarship income, work-study jobs, or parents claiming them as dependents, this could affect their overall tax situation and influence whether the S-Corp election makes sense. For a brand new consulting business run by 19-year-olds, I'd honestly recommend starting simple with partnership taxation and draws. They can always elect S-Corp status later once they have a better handle on their profit levels and business operations. The administrative burden of payroll processing might be more than they want to deal with while also focusing on growing their business and managing college coursework. The most important thing right now is that they're setting aside money for quarterly estimated taxes and keeping good records of all business expenses.

Has anyone ever used one of those online K-1 import tools with TurboTax or H&R Block for these old forms? I'm wondering if they can handle importing prior year K-1s or if you have to manually enter everything.

I went through something similar with a late K-1 from an old LLC investment. The most important thing is don't panic - receiving a K-1 years late is more common than you'd think, especially when businesses are winding down operations. For your specific situation with the 2018 K-1 arriving in 2025, you're likely past the statute of limitations for amending that return unless there was significant underreporting (generally over 25% of income). Since you mentioned this was from a restaurant that closed in 2019, you probably already reported the loss from disposing of your partnership interest on your 2019 return. The Box 13 code "W" that others mentioned is indeed a Section 743(b) basis adjustment. This doesn't typically require immediate action on your personal return - it's more of an informational adjustment that affects your basis calculation. My advice: Keep the form for your records, but unless the dollar amounts are substantial (think thousands, not hundreds), you probably don't need to do anything urgent. If you're still unsure, consider getting a quick consultation with a tax professional rather than trying to figure out the complex partnership rules on your own. It's usually worth the peace of mind, especially this close to tax season.

The withholding tables were updated recently too, and sometimes that causes issues. I'm a payroll specialist (not for your company obviously) and we've had several employees come to us with similar concerns this year. Another thing to check: did they withhold for a full pay period, or could this first check be for just part of a pay period? Sometimes that first check can look weird if you didn't start exactly at the beginning of a pay cycle.

Why don't you just claim exempt? I did that when I was making $16/hr and got way more in my checks. You can always pay what you owe at the end of the year if needed.

Just wanted to add that when filling out Form 3115 for missed depreciation, make sure you're using the right method. Residential rental properties should be depreciated over 27.5 years using the straight-line method. If you're using tax software, they should handle this, but good to double-check. Also, be aware that while Form 3115 lets you catch up on missed depreciation, the IRS only allows you to claim this "catch-up" amount on the current year's return. You won't get back what you could have saved in previous years.

Don't forget about the year of disposition too! The year you convert a property back to personal use or sell it has special depreciation rules. You generally only get half the annual depreciation in the year you place it in service AND in the year you dispose of it (the "mid-month convention").