This has been such an amazing discussion to follow! I'm completely new to understanding gift taxes, and this thread has answered so many questions I didn't even know I had. What really stands out to me is how the tax system seems designed to encourage generosity - the fact that recipients don't owe income tax on gifts makes it much easier for wealth to be transferred between generations or shared with people in need. It's actually pretty elegant when you think about it. One thing I'm curious about that I haven't seen mentioned - what about gifts between friends who aren't related? I know the thread has covered family situations a lot, but let's say a wealthy friend decides to help you out with a massive gift. Do the same rules apply, or does the IRS view gifts differently based on the relationship between the giver and recipient? Also, after reading about all the documentation requirements and potential complications, I'm wondering if there are any legitimate services that specialize in helping people handle large gift transactions properly. Like gift tax attorneys or specialists who can make sure all the paperwork is correct from the start? It seems like the kind of situation where you'd want professional guidance to avoid any mistakes that could be expensive later!

This thread has been absolutely fascinating to read through! As someone who's always wondered about these "what if" scenarios, I'm amazed by how much complexity is hidden behind what seems like a simple question. The key takeaway that really surprised me is how the burden falls on the giver rather than the recipient when it comes to gift taxes. It makes sense from a policy perspective - the tax system wants to encourage charitable giving and wealth transfers - but it's counterintuitive since we're so used to thinking "if I receive money, I owe taxes on it." One practical thing I'm taking away from all these responses is the importance of having everything documented from day one. It seems like so many potential problems (banking issues, IRS questions, family disputes) can be avoided with proper gift letters and clear communication about intent. I'm also struck by how receiving a large gift, while obviously a wonderful problem to have, comes with genuine responsibilities and complexity. Between banking compliance, potential international reporting requirements, investment decisions, and estate planning implications, it's definitely not as simple as "free money, no taxes." You'd really want professional guidance to handle it properly. Thanks to everyone who shared their knowledge and experiences here - this has been incredibly educational!

I've been dealing with GLD and SLV reporting for about 8 years now and can confirm what others have said - the tax treatment is definitely more complex than regular ETFs. One thing I'd add is that if you're switching from the basis adjustment method to the micro-sale method (or vice versa), you should probably include a statement with your return explaining the change to avoid any potential audit flags. Also, make sure your CPA understands that these aren't just regular commodity ETFs - they're grantor trusts. Some tax preparers accidentally treat them like ETNs or other commodity funds, which have completely different tax rules. The fact that you receive 1099-Bs for expenses even when you don't sell is the key indicator that these need special handling. Given that your extension deadline is approaching, I'd recommend going with your CPA's micro-sale approach this year since they're handling the complexity for you. You can always discuss the pros and cons of each method for future years once the immediate deadline pressure is off.

I've been through this exact same situation with GLD and SLV! The confusion is totally understandable because these ETFs are structured so differently from regular funds. One thing that really helped me was getting a clear understanding of what's actually happening with those monthly 1099-Bs. The trust is literally selling tiny amounts of the physical gold/silver to pay for storage, insurance, and management fees. So technically, you are having micro-sales throughout the year, even though you never initiated any transactions. Your CPA's approach of treating each expense as a micro-sale is technically the most accurate method. While the basis adjustment approach you've been using achieves similar results over time, the IRS could potentially argue that these small dispositions should be reported as they occur. Since you mentioned having unrealized losses and your extension deadline is coming up, I'd recommend going with your CPA's method for this year. The good news is that with losses, the tax impact should be minimal regardless of which method you use. Plus, having a professional handle all those tiny transactions will save you a lot of headache come next tax season. Just make sure your CPA understands that any gains when you eventually sell will be subject to the 28% collectibles tax rate, not the regular capital gains rates.

Has anyone actually successfully gotten an audit where the IRS questioned fiverr expenses? Im in the same boat but ive been just putting everything under "contracted services" on my taxes for my webcomic. ive been doing this for 3 years and no issues...

I've been running my digital marketing LLC for about two years and have used Fiverr extensively for graphic design and copywriting services. The key thing I learned (the hard way during a tax review) is that documentation is everything. Yes, your Fiverr payments are absolutely deductible business expenses for your comic book LLC. Since Fiverr acts as the payment processor, you don't need to issue 1099-NECs to individual freelancers - that's Fiverr's responsibility. However, make sure you're keeping detailed records beyond just the Fiverr payment receipts. Save the project descriptions, delivered files, and any communication that shows how each illustration directly relates to your comic book business. I also recommend creating a simple spreadsheet tracking each payment with the chapter number, artist name, and brief description of work. One thing that helped me was setting up a separate business bank account and credit card exclusively for LLC expenses. This creates a clear paper trail and makes it much easier to track business vs personal expenses during tax season. The IRS wants to see that you're operating with a genuine profit motive, so document your business plan, marketing efforts, and steps you're taking toward monetization. Even if you're not profitable yet, showing you're actively working toward profitability helps establish legitimate business intent.

Hey Lauren! As a newcomer to this community, I just wanted to say that your situation resonates with me so much - I went through almost the exact same thing with my consulting business earlier this year, including the whole "ghosting the accountant out of embarrassment" part! One approach that hasn't been mentioned yet: if you remember roughly when you applied for your EIN (you mentioned November), try checking your browser's download history from that time period. If you applied online through the IRS website, the confirmation PDF might still be sitting in your Downloads folder even if you forgot you saved it. Also, if you used any business formation services or legal document providers when setting up your LLC, they sometimes send follow-up emails weeks or months later with "next steps" information that might reference your EIN. I found mine in an unexpected email from my business registration service that was titled something like "Don't forget these important tax steps" - definitely not where I expected to find it! The IRS phone line advice everyone's giving is solid, but if you want to avoid that wait time, honestly consider just reaching back out to your accountant. I was dreading that conversation for months, but when I finally did it, they were actually relieved to hear from me and had my EIN within 5 minutes. Sometimes the anticipation of awkwardness is way worse than the actual conversation. You're definitely going to figure this out - this thread shows how supportive this community is and how common your experience really is! 😊

Hey Lauren! As a newcomer to this community, I completely understand your situation - you're definitely not alone in feeling overwhelmed by all the business paperwork in that first year! I went through something very similar with my small business last year, and here's what ended up working for me: I found my EIN in the most unexpected place - a business insurance quote I had requested online but never followed through with. The insurance company had asked for my EIN during the quote process, and I had included it in their online form. I found this in my email when I searched for my LLC name along with terms like "quote" and "insurance." Also, if you used any online accounting software or business apps (even just to try them out), check those account sign-up confirmations. Sometimes when you create business accounts, they ask for your EIN and save it in your profile. Before calling the IRS, definitely try the browser download history tip that PixelWarrior mentioned - that's such a smart suggestion! If you applied online, that PDF could very well be sitting there with a generic filename. And honestly, about your accountant - I know it feels super awkward, but they've probably been wondering how you're doing. A quick message like "I got overwhelmed but I'm ready to get back on track with my business finances" might actually be welcomed. Most accountants understand that new business owners need time to adjust. You're taking all the right steps by reaching out for help. This is just one of those business owner growing pains that feels huge in the moment but will be resolved soon! 💪

I've been dealing with this exact same issue! As someone who just went through setting up my SMLLC last month, I can confirm what others have said - the key is understanding that tax treatment and legal structure are two different things. For a default SMLLC (disregarded entity), you definitely put YOUR personal name on line 1, not the LLC name. The LLC name goes on line 2. I made the mistake of putting my business name first on my initial draft and had to redo it. One thing that helped me understand this better: think of it like the IRS is looking "through" your LLC to see you, the individual owner, for tax purposes. The LLC still protects you legally, but for taxes, they treat it as if you're operating as a sole proprietor. Since you need this by Friday and your accountant is out, I'd recommend double-checking with the IRS directly if you're still unsure. Better to be 100% certain than to have 1099 matching issues later!

As a tax professional who deals with SMLLC W9 issues regularly, I want to emphasize something that hasn't been mentioned yet - timing matters too. Since you need this by Friday and your accountant is unavailable, make sure you're not rushing into any tax elections you haven't fully considered. The default disregarded entity status (personal name on line 1, LLC name on line 2, SSN) is usually the right choice for new single-member LLCs, but don't feel pressured to make an S-Corp or C-Corp election just because other business owners mention it. Those elections have ongoing compliance requirements and can't be easily undone. For your immediate W9 needs: stick with the disregarded entity approach unless you've already filed Form 8832 or Form 2553 to elect different tax treatment. The consensus in this thread is correct - personal name on line 1, business name on line 2, individual/sole proprietor box checked, and your SSN. One last tip: keep a copy of your completed W9 as a template. You'll likely need to provide this same information to multiple clients, and having a consistent, correct version saved will prevent future confusion.