7 Is there any downside to just filing an amendment anyway, even for these small issues? I always prefer to have everything 100% accurate, even if it's something minor.

19 There's no significant downside to filing an amendment if it gives you peace of mind. It's easy enough to do - just check the "amended" box on the form and explain the corrections in the comments section. That said, it's important to maintain perspective about what these forms are for. They're designed to track significant foreign assets, not to trap people over typos or minor administrative details. In my years of practice, I never saw the IRS pursue anyone for good-faith mistakes of the type you're describing. Your time might be better spent ensuring your current and future filings are accurate.

14 This seems like dangerous advice tbh. The penalties for FBAR violations can be insanely high. Isn't it better to be safe than sorry?

Does this Rev Proc 2013-30 actually work though? I've read horror stories about people thinking they qualified for relief but then getting rejected.

It absolutely works, but you have to make sure you meet ALL the requirements. The most important is that your shareholders (which is just you if you're a single-member LLC) have filed their personal returns consistent with S-corp status. That means if you're trying to get S-corp status for 2023 after the deadline, you'd need to have filed your 2023 personal return as if you were an S-corp owner (reporting K-1 income, not Schedule C). The IRS is actually pretty lenient with this relief procedure for small businesses. I submitted mine with a simple statement explaining I didn't understand the election timing requirements, and it was approved without any questions.

What's a "reasonable salary" though? I've heard everything from 30% to 70% of profits and I'm confused about what's actually required.

Do they handle both the 5498-SA and 1099-SA forms? I have both because I contributed to my HSA and took distributions in the same year.

Yes, they handle both forms. The 5498-SA (which shows your contributions) and the 1099-SA (which shows distributions) are both covered in their free federal filing. They use Form 8889 to reconcile everything related to your HSA. You'll see a specific section for HSA accounts where you can enter both your contributions and distributions. Just make sure you have your 1099-SA handy to enter the distribution amount and the correct box number (usually Box 1 shows total distributions, and Box 2 shows earnings on excess contributions if applicable).

Ouch! Did you have to pay a lot? I'm paranoid about this because I used my HSA card at a pharmacy where I bought both prescription meds and some other non-medical stuff on the same transaction.

For donor-advised funds, is there a minimum amount that makes sense to start with? And do you recommend any particular providers?

Most major investment firms like Fidelity, Vanguard, and Schwab offer donor-advised funds with minimums around $5,000 to open and $500-1,000 for additional contributions. I personally use Fidelity Charitable because their platform is user-friendly and their fees are reasonable. The amount that "makes sense" depends on your tax situation, but generally, it's most beneficial when you're bunching multiple years of charitable contributions into a single tax year to exceed the standard deduction threshold. For someone at your income level, contributing $10,000+ would typically provide meaningful tax benefits, especially if you're already itemizing deductions.

I'm a physician who went the real estate route. The tax benefits are real - depreciation, mortgage interest, and expense deductions. But be cautious about passive losses - at your income level, you may not be able to deduct those against your W2 income unless you qualify as a real estate professional (which is tough with a full-time medical career). Consider syndications or REITs if you want the benefits without active management. Just do your due diligence - there are many questionable deals out there.

Thanks for the insight! I was worried about the time commitment. REITs sound more my speed since I barely have time for hobbies as it is. Any particular types of REITs you'd recommend looking into first?

Good point! In NY we have that stupid S-corp franchise tax that adds up. What's the California situation like?

In California, S-corporations pay a 1.5% tax on net income with a minimum tax of $800, while C-corporations pay a flat 8.84% tax rate. For larger businesses with significant profits, this difference can be substantial - though you need to factor in the additional personal income tax on passed-through S-corp profits. The analysis really depends on how much profit you're retaining in the business versus distributing to shareholders. In my experience, the math favors S-corps for businesses with high distribution rates but can swing toward C-corps when reinvesting heavily.

Our accountant mentioned this too! Also something about being able to establish a medical reimbursement plan as a C-corp that you cant do with an S? Not 100% on the details tho.