Pedro, your situation makes perfect sense and yes, you should be able to recognize that $61K loss. The high basis despite business losses is actually pretty common - basis includes your initial capital contributions, any additional money you put into the business over the years, and loans you made to keep it running. When you dissolve, you're essentially "selling" your stock back to the corporation for whatever assets remain ($4K in your case). Since your basis is $65K, you have a $61K capital loss. A few critical things to double-check before filing: 1. **Verify ALL distributions** - Make sure you haven't taken any distributions over the years that should have reduced your basis. This includes salary, bonuses, loan repayments, or any other money that came out of the business to you personally. 2. **Include current year losses** - If your S Corp had losses in 2024 before dissolution, those reduce your basis first before calculating the final loss. 3. **Section 1244 eligibility** - If your S Corp qualifies as "small business stock," you might be able to treat up to $50K of this loss as ordinary loss instead of capital loss. This would let you deduct it fully against ordinary income rather than being limited to $3K per year. The contradictory books from your previous accountant are unfortunately common. Many don't properly track basis adjustments year over year. Consider getting a second opinion from a tax professional who specializes in S Corp dissolutions - the potential tax savings on a $61K loss make it worth the consultation fee.

Pedro, I went through almost the exact same situation when I dissolved my S Corp in 2023. The high basis with minimal assets is actually really common when you've been keeping a struggling business afloat with personal funds. Here's what I learned that might help you: **Yes, you can recognize the loss** - When you dissolve and receive only $4K against your $65K basis, that's a $61K capital loss. But before you accept being limited to $3K per year, definitely look into Section 1244 treatment that others have mentioned. **The basis confusion is normal** - Your basis includes not just profits, but every dollar you put into the business. This could be your initial investment, emergency cash infusions, personal guarantees on business loans, or even business expenses you paid personally and never got reimbursed for. My basis was similarly high because I had made multiple emergency capital contributions over the years that my previous accountant had properly tracked (thankfully). **Document everything** - The IRS will scrutinize large loss claims. I had to provide bank statements showing capital contributions, loan documents for money I lent the business, and all previous K-1s to support my basis calculation. **Timing matters** - Make sure you're calculating basis as of the actual dissolution date, including any 2024 losses that occurred before dissolution. The math may seem weird, but it's completely legitimate. A business can consume every dollar you put into it and still leave you with substantial basis if you've been funding losses over time.

I'm new to this community and currently experiencing RIVO status myself, so this entire thread has been incredibly helpful! I filed my return in late February and have been stuck in this status for about 4 weeks now. Like everyone else has mentioned, I initially panicked thinking I had made some major error on my return. What really put my mind at ease was learning that RIVO stands for Return Integrity Verification Operation and is essentially an automated fraud prevention system that cross-checks our returns against IRS databases. The 40% increase in RIVO cases this year that someone mentioned really explains why so many of us are dealing with this for the first time. I followed the advice here and set up my IRS online account to check my transcript - you're all absolutely right that it provides much more detailed information than the basic "Where's My Refund" tool. I can see the 570 hold code on my account and now I know to watch for the 571 release code that indicates when the hold is lifted. Based on all the timelines shared in this thread, it sounds like most people see resolution within 6-8 weeks, so I'm hoping to see some movement in the next few weeks. It's such a relief to know this is just standard verification and not an indication that something is wrong with my return. Thanks to everyone who shared their experiences and advice - it makes this waiting period so much less stressful!

I'm new to this community and just went through the RIVO process myself, so I wanted to share my experience to help others who might be going through this! I filed in mid-January and was stuck in RIVO status for about 8 weeks before it finally resolved last week. Like so many others have mentioned, I had never heard of RIVO before this year and was initially terrified that I had made some major mistake on my return. Reading through forums like this one really helped me understand that it's just part of their automated fraud prevention system - Return Integrity Verification Operation. What I found most helpful was setting up the IRS online account to track my transcript. The 570 hold code appeared on my account in early February, and I watched for weeks waiting for that 571 release code everyone talks about. When it finally showed up last Tuesday, my refund was deposited exactly 6 days later with the full amount I expected - no adjustments or issues. The waiting was definitely the hardest part, especially when you're counting on that money. But the process does work, even though it feels like forever when you're in the middle of it. For anyone currently dealing with this, just know that you're not alone - based on what I've learned, these reviews have become much more common this year as the IRS has ramped up their fraud prevention efforts. Hang in there everyone!

I'm at week 13 with my amended return and this thread is exactly what I needed to see! Filed in early July to claim some overlooked medical expenses that should get me around $1,600 back. The "Where's My Amended Return" tool has been completely useless - just "received" since day one. What's really frustrating is that my regular tax refund this year came back in less than 3 weeks, but now I'm looking at potentially 5+ months for this amendment. The inconsistency in processing times is mind-boggling. I've started following the documentation advice from this thread - taking screenshots weekly and keeping a simple log. It shouldn't be necessary, but clearly we need to protect ourselves with these ridiculous wait times. Thanks to everyone sharing their timelines and experiences. It really helps to know this is a widespread issue and not something specific to my filing. Here's hoping we all see some movement soon! The holiday season would be a great time for these refunds to finally come through.

I'm at week 11 with my amended return and finding this thread incredibly helpful! Filed in late July to correct some miscalculated state tax deductions that should result in about $2,100 back. Like everyone else here, I'm stuck with the perpetual "received" status on the IRS tool. What's giving me some peace of mind is seeing how many people are in similar situations with similar timelines. I was starting to wonder if my CPA made an error or if something was flagged, but clearly this is just the new reality for amended returns in 2025. I'm definitely taking the documentation advice to heart - just started a tracking spreadsheet with weekly status checks and screenshots. It's frustrating that we have to create our own paper trails, but better to be prepared given these processing times. The interest on delayed refunds mentioned by @Ravi Choudhury is news to me - at least there's some small compensation for this ridiculous wait! Based on everyone's shared experiences, it looks like I've got another 7-11 weeks to go before seeing any movement. Thanks for creating this supportive community around what's obviously a widespread problem!

Don't give up hope! That jump from $25,000 to $37,000 assessed value in one year does seem excessive, especially with no improvements made. A few additional things to check: 1. Look at your property deed and compare it to the county's records - sometimes errors creep in during ownership transfers that inflate assessments 2. Check if your county reassesses all properties periodically - some do county-wide revaluations every few years which can cause big jumps 3. Take photos of your property's current condition to document that no improvements were made since purchase Also, don't assume you've missed all deadlines just because it's December. Some counties allow appeals within a certain period after you receive your tax bill rather than having a fixed annual deadline. Call your county assessor's office to ask about their specific timeline. The stress is understandable, but you have legitimate grounds to challenge this if the assessment truly doesn't reflect your property's actual value. Even if you can't appeal this year, you'll be better prepared for next year's assessment with all the documentation and comparable property research you gather now.

As a tax professional, I see this situation frequently with new homeowners. Your $12,000 jump in assessed value ($37k - $25k = $12k increase) is definitely worth challenging, especially since you made no improvements. Here's my recommended action plan: **Immediate Steps:** 1. Call your county assessor TODAY to confirm appeal deadlines - some counties allow 30-60 days from when you received the bill, not just calendar year deadlines 2. Request a copy of your property's assessment record to check for errors in square footage, lot size, property features, etc. **Building Your Case:** - Pull comparable sales ("comps") from your neighborhood in the past 6-12 months - focus on similar homes that sold for less than your assessed value - Document that no improvements were made with before/after photos - Check if your county did a mass reappraisal in 2024-2025 that affected your area **Key Point:** Your assessment jumped 48% in one year with no improvements - that's a red flag that suggests either an error in your property record or an overly aggressive valuation. Even if you miss this year's window, start preparing now for next year's assessment. The research and documentation you gather will be invaluable, and you can often get retroactive adjustments if you discover clear errors in your property records. Don't let this stress overwhelm you - challenging assessments is very common and often successful for situations like yours!

I went through this exact same situation about 6 months ago and totally understand the panic! CP05A notices look scary but they're really just routine verification checks. The IRS received your return and now they're cross-referencing your reported income with what employers and other payers submitted to them. It's actually a good sign that they're being thorough! My advice is to not call unless it's been over 60 days - the phone lines are swamped and they'll just tell you to wait anyway. Keep checking your online account transcript every week or so for updates. The waiting is the worst part but you'll get through it!

I got a CP05A notice about 3 months ago and can totally relate to that initial panic! Just want to echo what others have said - it's really not as scary as it looks. The IRS is basically just playing a matching game with your tax documents. During my wait, I found it helpful to set a reminder to check my transcript once a week rather than obsessing over it daily. The whole process took about 10 weeks for me but I did get my refund plus a small amount of interest (like $23 but hey, free money!). The key is just being patient and not letting the anxiety get to you. You've got this! 💪