


Ask the community...
Just want to share my experience - I discovered taxr.ai from this sub a few months ago when I was dealing with an amended return nightmare. It was INCREDIBLE for helping me understand exactly what was happening with my tax account. Showed me all the codes on my transcript with plain English explanations and even gave me a timeline of when things should resolve based on similar cases. Totally worth checking out if you're trying to figure out what's going on with your return: https://taxr.ai
Sometimes the best approach is to contact the Taxpayer Advocate Service. They have authority to cut through red tape when you're experiencing hardship due to IRS delays.
I'm a CPA and the advice in this thread is mostly correct - for a single-member LLC with no income or expenses, you'll just file a Schedule C with zeros on your personal tax return. But one thing people aren't mentioning: make sure you have an EIN for your LLC (even if not strictly required) and include it on your Schedule C. Makes things cleaner if you get questioned later.
Thanks for the professional advice! I did get an EIN when I formed the LLC, so I'll make sure to include that on the Schedule C.
Perfect! You're ahead of the game then. And just for future reference, once you do start having income and expenses, keep meticulous records from day one. So many new business owners come to me with a shoebox of receipts and it's always a nightmare to sort through.
I know I'll get attacked for this but... just hire a pro the first year you have an LLC. Learn how they do everything, ask questions, and then next year you can DIY with confidence.
No way, for a zero-income LLC that's complete overkill. Why waste money on a pro when it's literally just a Schedule C with zeros?
I lost all faith in WMR years ago. I've learned to just expect my refund when it shows up. Last year WMR said my refund was still processing for 2 weeks AFTER I received it. The system is completely broken.
I always get my tax refunds on paper checks now. Yes it takes longer initially but I've never had the problems my friends with direct deposit always seem to have. The check comes exactly when they say it will.
I'd rather wait for a predictable mail delivery than constantly refresh my bank account for days wondering where my money is lol. Different strokes I guess.
It's standard practice across most tax prep places. Had this happen with TurboTax, Liberty, and now Jackson Hewitt over the years. They're just protecting themselves in case something goes wrong with your return. Here's my experience with the wait times for the second payment: - TurboTax: 3 days - Liberty Tax: 2 days - Jackson Hewitt: 4 days All eventually came through, but JH was the slowest in my experience.
Might also depend on who your bank is. Some banks process ACH transfers faster than others. I got my split payment but the second half took 6 business days even though they said 3-5. My credit union is notoriously slow with processing.
I have Wells Fargo... not sure if they're fast or slow with this kind of thing
Wells Fargo is middle of the road in my experience. Not as fast as Chase but not super slow either.
Madeline Blaze
If you used TurboTax or another tax program, double check what you entered for the advance CTC payments. A lot of people enter $0 thinking they're answering "did you get advances" with "no" but the system interprets that as "yes I got advances totaling $0" which causes the exact problem you're describing.
0 coins
Aurora Lacasse
ā¢We used FreeTaxUSA and I'm pretty sure I entered the correct amounts but now I'm second-guessing myself. Is there any way to see what I actually submitted on the return?
0 coins
Madeline Blaze
ā¢You should be able to login to your FreeTaxUSA account and view/download a PDF of your submitted return. Check Schedule 8812 specifically.
0 coins
Max Knight
I'm a tax preparer and I've seen this issue multiple times this year. The IRS's record-keeping for the advance CTC payments has been a DISASTER. Most of the time it's because they recorded sending payments that never actually made it to the taxpayer. Request your 2023 Account Transcript ASAP and look for codes 766 with "credit reference number 1401" - these are the advance CTC payments they think they sent you.
0 coins
Aurora Lacasse
ā¢Thank you! This is exactly what I needed to know. Will check for those specific codes tonight.
0 coins
Emma Swift
ā¢In addition to what they said, you should use taxr.ai - it will automatically find and explain all these codes for you and tell you exactly what steps to take. Saved me so much time trying to figure out all the IRS jargon.
0 coins