I've been in tax accounting for about 7 years now, and what you're describing is pretty much the industry standard, unfortunately. That $62,500 base is actually decent for a mid-sized firm, especially if you're new to tax work. Here's the reality check nobody wants to give you: those 50-60 hour weeks are probably on the conservative side. During peak season (February-March), I've seen weeks hit 70+ hours at firms that "promised" 50-60. The key is understanding what you're really signing up for and making sure the total compensation package reflects that. A few things I'd definitely negotiate/clarify before accepting: **Get bonus specifics:** Don't accept vague promises. Ask for actual dollar amounts or percentages from last year's bonuses. Good firms will share this data. **Comp time details:** If they mention flexible summer hours, get specifics on how many hours you can bank and when you can use them. **Professional development:** Ask if they'll cover CPA exam costs, continuing education, or other certifications. This can be worth several thousand dollars. The brutal honest truth is that tax accounting will test your limits, but it can also fast-track your career if you're strategic about it. I went from staff to manager in 4 years, which would have taken 6-8 years in corporate. Just make sure you're getting fairly compensated for those sacrifice months. If the firm is evasive about any of these questions, that tells you everything you need to know about how they really treat their people during crunch time.

I've been lurking on this thread and had to jump in because I went through almost this exact situation last year! $62,500 for a mid-sized tax firm is pretty standard, and yes, those 50-60 hour weeks during busy season are unfortunately the norm across the industry. What really helped me evaluate my offer was asking about the firm's client retention rate and workflow efficiency. High client turnover often means you're constantly learning new situations under time pressure, which makes those long hours even more stressful. On the flip side, firms with good client relationships and streamlined processes can make busy season much more manageable. I ended up negotiating a 6-month salary review after my first busy season, which resulted in a bump to $68k based on my performance. Many firms are open to this since they know the first tax season is a big adjustment for people coming from corporate accounting. One thing I wish I'd asked upfront: what's their policy on work-from-home during busy season? Some firms are flexible about letting you work evenings from home, which can help with work-life balance even during the crazy months. Others expect you in the office for every single hour, which gets exhausting fast. The experience has definitely been worth it for my career growth - I've learned more about taxation in one year than I would have in five years of corporate accounting. Just make sure you're getting fair compensation for those intense months!

I'm going through this exact same thing right now! My "As Of" date just changed from May 3 to May 17 yesterday morning and I've been refreshing my transcript constantly trying to decode what it means. Filed in late January and still waiting on my refund - the anxiety is through the roof when you're depending on that money for car payments and other bills. This entire thread has been such a godsend though! It's incredible to see how many early filers are experiencing identical situations with these date changes. I was starting to panic that my return got flagged for review or something worse, but reading everyone's experiences makes it clear that these "As Of" date shifts are actually pretty normal during processing this year. I've definitely been that person obsessively checking my transcript multiple times throughout the day (probably not healthy 😅) but now I understand I should focus on watching for those specific transaction codes everyone keeps mentioning - 570, 571, and especially that holy grail 846 code. The waiting game is absolutely brutal when you've been budgeting around that refund for months, but seeing so many people in the same boat makes it feel less isolating. Based on the success stories here, it sounds like these date changes might actually be good news that the IRS is actively working on our accounts! Fingers crossed we all see some real movement soon 🤞

I'm in the exact same situation! My "As Of" date just changed from May 8 to May 22 this morning and I've been checking my transcript obsessively trying to figure out what it means. Filed in February too and still waiting - the stress is so real when you're counting on that money for bills. Reading through all these comments has been incredibly reassuring though! It's wild to see how many February filers are going through identical experiences. I was starting to think my return got lost somewhere, but it sounds like these date changes are actually pretty normal and might even mean they're actively working on our accounts. I've definitely been that person refreshing my transcript way too many times a day 😅 but now I know to watch for those specific codes like 570, 571, and especially 846 instead of just panicking over date changes. The waiting is brutal but knowing we're all in this together helps! Hopefully we'll see some real movement soon 🤞

Your concern about willful vs. non-willful violations is really important! Generally, if you genuinely didn't know about FBAR requirements for precious metals arrangements, that would typically be considered non-willful - especially since the rules around custodial precious metals storage aren't well-publicized and many people assume physical assets stored overseas don't trigger financial account reporting. The IRS looks at factors like whether you made efforts to comply with tax laws, sought professional advice, or had reason to know about the requirements. Someone who's been filing their regular tax returns and simply didn't realize their gold storage arrangement created a reportable account would likely qualify for non-willful treatment. However, once you become aware of potential reporting obligations (like through this discussion), continuing to not file when required could shift toward willful non-compliance. That's why it's so important to get clarity on your situation quickly. If you discover you've missed prior filings, the IRS Streamlined Filing Compliance Procedures offer significant penalty relief for non-willful violations. The penalties under this program are much more reasonable than the harsh willful violation penalties (typically 5% of the highest account balance instead of up to 50%). Definitely review your custodial agreement this weekend as you planned, and consider getting professional guidance before the next filing deadline. The investment in proper advice is minimal compared to your potential exposure on those assets.

I've been following this discussion closely as someone who also has precious metals stored internationally, and the consensus here seems clear - the structure of your custodial arrangement is absolutely critical for determining reporting obligations. Based on what you've described with your Swiss custodian holding $175K in gold, I'd lean heavily toward this being a reportable financial account for FBAR purposes. Most reputable international precious metals storage providers offer account-like services (statements, transaction capabilities, etc.) that cross the IRS threshold from simple storage to financial account. What strikes me about this thread is how many people discovered they had unreported obligations after years of thinking their precious metals arrangements were just "storage." The good news is that the IRS Streamlined Filing Compliance Procedures mentioned by several commenters provide a reasonable path forward for non-willful violations. Given the severe penalty exposure on $175K (potentially up to 50% for willful violations), this is definitely not a situation to handle through internet research alone. The few hundred dollars for a consultation with an international tax specialist is nothing compared to your potential penalty exposure. I'd recommend acting quickly - review your custodial agreement for the key features everyone mentioned (transaction capabilities, statements, cash holding), and if you find them, get professional guidance before the next filing deadline. Better to address this proactively than discover compliance issues during an audit.

Mine was stuck on processing forever until I used taxr.ai - showed me there was an ID verification hold I didnt know about. Fixed it and got my refund in a week!

Been waiting 3 weeks on my Maryland refund too! The "processing" status is so vague - wish they'd give us more details about what's actually happening. At least with federal returns you can see more specific codes and stages. Maryland's system feels like a black box sometimes 😤

I've been dealing with a similar situation and wanted to share what I learned from my CPA. The most important thing is to distinguish between a true "worthless security" and a security that was acquired at a minimal value. Based on your description, it sounds like your First Republic shares likely went through the JPMorgan acquisition process rather than becoming truly worthless. Here's what you should do: 1. **Get the facts first**: Call your broker and request the "Corporate Action Notice" for First Republic Bank from May 2023. This will tell you exactly what happened - whether you received cash, JPMorgan shares, or nothing at all. 2. **If you received ANY compensation** (even pennies): This is a regular sale transaction. Use the actual acquisition date, your original cost basis, and whatever you received as proceeds on Schedule D. 3. **For the limit order problem**: Since your shares show $4 value, set your limit price at or below the current bid price (maybe $0.01 per share). This will execute immediately and create the taxable event you need. 4. **Avoid the worthless security claim** unless you truly received zero compensation. The IRS audits these heavily, and if you received even minimal payment, it doesn't qualify. The good news is that either way, you'll be able to claim most of your $5.5k as a capital loss. The documentation from your broker will make everything clear and defensible if questioned.

I went through this exact same situation with my First Republic shares last year, and after working with my tax preparer, here's what we discovered: The key is determining what actually happened during the JPMorgan acquisition. Most retail shareholders of First Republic did receive some minimal compensation - often around $0.00-$0.50 per share - rather than having truly "worthless" securities. Since your shares still show $4 value in your account, this strongly suggests you received something in the acquisition process. Here's my recommendation: 1. **Contact your broker immediately** and ask for the "Corporate Action Statement" or "Reorganization Details" for First Republic Bank from May 1, 2023. This document will show exactly what you received. 2. **For your limit order issue**: Set your limit price at $0.01 per share (or whatever minimal amount ensures execution). Since your total position is only worth $4, this will execute immediately and give you the realized loss you need. 3. **Report it as a regular sale on Schedule D**: Use May 1, 2023 as the sale date, your original $5.5k as the cost basis, and whatever minimal amount you received as proceeds. 4. **Avoid claiming "worthless securities"** unless you truly received $0. The IRS heavily audits these claims, and if you received any compensation (even pennies), it doesn't qualify. The bottom line: You'll still be able to claim nearly your entire $5.5k loss as a capital loss, but make sure you have proper documentation from your broker first. Don't let the complexity paralyze you - this is actually a fairly straightforward transaction once you get the right paperwork.