Does anyone know if the delay also applies to crypto transactions? I thought there was a similar reporting requirement going into effect for crypto exchanges to report transactions over $600.

This is really helpful information, thanks everyone! I've been using multiple payment apps for both personal and business transactions and was definitely confused about what I needed to track. One thing I'm still unclear on - if I'm doing freelance graphic design work and get paid through Venmo or PayPal, but I'm under the old $20K/200 transaction threshold, do I still need to report that income even without a 1099-K? I've been keeping my own records but wasn't sure if it was actually required to report without the form. Also, has anyone dealt with situations where clients pay you through multiple different apps? Like some pay through PayPal, others through Venmo, others through Zelle - does each platform track separately for the threshold, or is it somehow combined?

Last year I had a similar situation that drove me crazy. My WMR showed completed but my transcript wasn't updated for almost two weeks. I called the IRS and they explained that amended returns go through a separate processing system. The WMR tool gets updated from one database while transcripts pull from another. In my case, the money actually arrived in my account even before the transcript updated! Just keep an eye on your bank account - you might be pleasantly surprised.

I went through something very similar with my amended return last year! The timing discrepancy between WMR and transcripts is actually pretty common, especially with amended returns that include foreign income. From my experience, the WMR system tends to update first because it's pulling from a different processing queue than the transcript system. Since you filed in February and are now seeing the 3 bars in April, you're actually in a pretty normal timeframe. The foreign income component might add a few extra days to the transcript update, but don't panic - the systems will sync up. I'd give it another week or so before getting concerned. Keep checking your bank account too, sometimes the refund arrives before the transcript even updates!

Protip: call your local taxpayer advocate if it goes longer than 30 days after completion. They can sometimes speed things up

Been there! Mine took about 3 weeks after all bars completed to see the 846 code. The key is checking your account transcript on Fridays when they do weekly updates. Also, make sure your bank info is still current because sometimes they'll hold the refund if there's any mismatch. The waiting is the worst part but you're almost there! 🤞

I've been dealing with this exact issue for years as a small business owner with an S-corp. The confusion is totally understandable because it does feel counterintuitive to reduce your cash when the money is still technically in your bank account. What helped me finally understand it was thinking about it this way: for cash basis accounting, you recognize expenses when you pay them, not when they clear your bank. The moment you write and mail that check, you've "paid" the expense from a tax perspective, even if the recipient hasn't deposited it yet. So on Schedule L, your cash balance should reflect what you actually have available to spend, not what your bank statement shows. Those outstanding checks represent money you can't use anymore - it's committed, even if it hasn't physically left your account yet. I made the mistake of putting outstanding checks on Line 18 for two years before my new accountant caught it. Had to file amended returns, which was a hassle I could have avoided. Definitely go with reducing Line 1 - it's the standard approach for cash basis S-corps and will keep you consistent with proper reporting.

As someone who's been through this exact scenario with my S-corp, I can confirm that reducing Line 1 (Cash) is definitely the correct approach for cash basis accounting. The key insight that helped me was understanding that Schedule L should reflect your true financial position at year-end - not just what your bank statement shows. I used to get hung up on the fact that the money was still "technically" in my bank account, but once I realized that those outstanding checks represent committed funds that I can no longer use for business operations, it made perfect sense to reduce the cash balance accordingly. One practical tip: keep good records of which specific checks are outstanding at year-end. This documentation will be helpful if you ever get questions during an audit, and it makes the following year's reconciliation much easier when those checks finally clear. The consistency is important too - whatever method you choose, stick with it year over year to avoid the complications that some others mentioned with amended returns. Since you're cash basis, reducing Line 1 is both technically correct and the most widely accepted practice among tax professionals.

Called the IRS this morning and got through after 2hrs on hold. They said OK returns are backed up cause of some new state tax credit verification process. Could take up to 6 more weeks smh

Oklahoma filer here too - filed Jan 15th and just got mine this morning! Hang in there everyone, they seem to be coming through in waves. For those still waiting, I'd definitely recommend checking your transcript like Xan mentioned. Mine showed a 846 code about a week before the deposit hit my account.