From what I've seen in this community over the past few years, amended returns are consistently the slowest category of tax filings to process. Back in 2021, I waited 11 months for an amended return to process. In 2022, it took 6 months. Last year was better at about 4 months. This year seems to be running at about 3-4 months based on what others are posting. So you're still within the expected timeframe. The community wisdom is: don't count on amended return money until you actually see it in your account. I've seen too many people get into financial binds planning around refund money that was significantly delayed.

I'm in almost the exact same boat! Filed my original return on January 28th, then had to amend on February 15th because I completely spaced on my HSA contributions (facepalm). It's now been about 8 weeks and I'm seeing the same thing - amendment shows up on my transcript but no refund code yet. What's really helpful reading through everyone's responses here is understanding that 16-20 weeks is actually normal. I was getting worried at the 6-week mark thinking something was wrong. The fact that @Donna Cline just got her 846 code at exactly 12 weeks gives me hope that we're both probably in the home stretch. Thanks for posting this - it's reassuring to know I'm not the only one dealing with the amendment waiting game this year! 🤞

Quick tip - be careful about state taxes too! The federal kiddie tax rules are one thing, but some states handle taxation of minor's investment income differently. I found this out the hard way last year when I handled everything correctly for federal but completely missed the state-specific forms.

This is such a helpful thread! I'm dealing with a similar situation with my 16-year-old's custodial account. One thing I learned from my CPA is that you can also consider using I Bonds (Series I Savings Bonds) for part of your kids' investments. The interest on I Bonds isn't taxed until you cash them out, which means you can potentially defer all the tax consequences until after they turn 24 and are no longer subject to kiddie tax rules. The downside is that I Bonds are limited to $10,000 per person per year and have lower potential returns than stocks, but for the portion of their money that you want to be more conservative with anyway, it's a nice way to avoid the annual kiddie tax hassle entirely. Just another option to consider alongside the growth stock strategy that Amara mentioned!

Just to add a data point here - I had this exact situation last year. LLC with S-corp election, filed 1120-S about 75 days late. I can confirm 100% that the IRC-6699 S-corporation penalties applied, not the LLC penalties. I tried to argue with the IRS that since my business is "technically" an LLC, the LLC penalty structure should apply (which would have been less in my case). They shut that down immediately. Once you elect S-corp taxation, you're treated as an S-corp for ALL tax purposes, including penalties. The good news is I was able to get a partial abatement based on reasonable cause (I had documentation showing my accountant had a family emergency). They reduced my penalty by about 40%.

One thing nobody has mentioned yet - there's a difference between late FILING penalties (Form 1120-S) and late PAYMENT penalties. If you've been making your estimated tax payments as shareholders, you might only be dealing with the late filing penalty. The IRC-6699 penalty ($220 per shareholder per month) applies to late FILING of the 1120-S. But if you also have unpaid taxes at the shareholder level (on your 1040s), that's a separate penalty structure. Just something to keep in mind when calculating what you might owe.

Has anyone else had issues with farm startup costs? I'm in a similar situation (40 acre property, making money from online content but not actual farm products yet), and my tax software keeps flagging my equipment purchases saying I need to depreciate instead of taking Section 179. So confused about what's allowed in the first year.

This is a really interesting situation that's becoming more common! I'm dealing with something similar - I have a small organic vegetable operation that I'm documenting on TikTok and Instagram, and the social media income is actually outpacing my produce sales right now. From what I've researched and discussed with my accountant, keeping them separate (Schedule C for content, Schedule F for farm) seems to be the safest approach. The IRS likes clear distinctions between different types of business activities. Even though your YouTube content is about the farm, the income source is fundamentally different - you're being paid by Google for ad revenue, not by customers for farm products. One thing I'd add is to make sure you're tracking any equipment or expenses that serve both businesses. For example, if you buy a tractor that you use 80% for actual farming and 20% for filming content, you'll need to allocate those costs appropriately between the two schedules. Same goes for things like your phone if you're using it to film and manage both businesses. Also, don't worry too much about the farm showing losses initially - that's completely normal for startup agricultural operations. Just make sure you have a solid business plan showing how you intend to generate farm income in the future. The fact that you're actively working the land and making investments shows business intent rather than hobby activity.

Everyone keeps mentioning accountants, but I think you need a tax attorney for a situation this complex. I made the mistake of just using my regular CPA when I hadn't filed for 5 years, and we ended up with the IRS rejecting the voluntary disclosure and hitting me with serious penalties. An attorney can give you protection through attorney-client privilege that a CPA can't. Just my 2 cents after learning the hard way.

I was in a very similar situation - didn't file for 4 years with my consulting LLC. The key thing that helped me was getting organized BEFORE meeting with a tax professional. I spent weeks trying to reconstruct my financial records from old bank statements and whatever receipts I could find. One practical tip: if you used business credit cards or had dedicated business bank accounts, those statements will be your lifeline for reconstructing deductible expenses. Even without receipts, you can often identify legitimate business expenses from the merchant names and dates. Also, don't panic about the penalties. Yes, there will be some, but the IRS has programs like "first-time penalty abatement" that can help reduce them if you have a clean record otherwise. The fact that you're proactively addressing this before they contact you works heavily in your favor. For your income jump to $650k this year - make sure you're making quarterly estimated payments NOW if you haven't already. That's probably more important than the back years at this point since the current year liability will be substantial. Start gathering your records immediately and find a tax pro who specializes in unfiled returns. Don't let this drag on any longer - every month you wait adds more penalties and interest.