One thing to keep in mind - make sure you're keeping VERY detailed records of your poker/sports betting activities if you're reporting them as business income and setting up a SEP-IRA. The IRS scrutinizes gambling income closely, especially when it's used to establish retirement accounts. Daily logs of play time, tournaments entered, buy-ins, cash-outs, locations, witnesses, etc. - document everything. I learned this the hard way when I got audited in 2023 for my 2022 returns.

Just want to add another perspective here - I went through this exact same situation last year when setting up my SEP-IRA with poker tournament winnings. The confusion around that gambling business question is totally understandable because the wording is misleading. What helped me was thinking about it this way: the IRS is trying to identify businesses that are in the gambling INDUSTRY (casinos, bookmakers, lottery operators) versus people who gamble professionally. You're a customer of gambling establishments, not operating one yourself. I selected "NO" on that question and had zero issues with my EIN approval or SEP-IRA setup. My CPA confirmed this was correct - the distinction is crucial for tax purposes but won't affect your ability to report poker/betting income as self-employment income on Schedule C. Just make sure you have solid documentation of your gambling activities as others have mentioned. The combination of professional gambling income + retirement account contributions does tend to get extra scrutiny, so having your records organized is essential.

One additional consideration that might help with your situation - make sure you're properly tracking the basis adjustments for all shareholders, not just yourself. Since the ERC increases the S-Corp's income by reducing wage expenses, this flows through proportionally to all shareholders based on their ownership percentages. If you have other shareholders, they'll also see increased income on their K-1s and need to adjust their basis calculations accordingly. This becomes especially important if any shareholders are planning to take distributions or sell their shares, since the basis adjustments from the ERC income could affect the tax treatment of those transactions. Also, keep detailed documentation of the ERC calculations and amendments. The IRS has been scrutinizing ERC claims heavily, and having clear records of how you calculated the credit, which quarters you qualified for, and how you properly reflected it on your returns will be crucial if you ever face an audit. The documentation should include your qualification analysis (partial shutdown, gross receipts decline, etc.) and the wage calculations used to determine the credit amount.

I've been following this thread closely since I'm dealing with a similar ERC situation for my S-Corp. One thing I wanted to add that hasn't been fully addressed is the impact on estimated tax payments for the year you amend your returns. Since the ERC effectively increases your S-Corp income (by reducing wage expenses), you might find yourself in a situation where you owe additional taxes on your personal return. If you're making quarterly estimated payments, you may need to adjust your remaining payments for the current year to account for this additional income flowing through from the amended returns. I learned this lesson when I got my amended K-1 and realized I was going to be significantly under-withheld for the current tax year. The IRS can impose underpayment penalties if you don't adjust your estimates accordingly. It's worth running the numbers with your tax preparer to see if you need to increase your quarterly payments to avoid any surprises next April. Also, for those dealing with state conformity issues that were mentioned earlier - make sure you understand how your state handles the timing of when you report the additional income. Some states may require you to report it in the year you receive the federal refund rather than the year you amend the return, which could create another timing difference to manage.

I'm also new to this community and going through this exact same stressful experience! Filed my paper return on April 12th with a $1,450 check and it's been over a month now with absolutely no activity in my bank account. I've been obsessively checking my online banking multiple times daily, convinced something must have gone wrong. This thread has been such a huge relief to find - I had absolutely no idea that 4-8+ weeks was completely standard for paper return processing! I've always filed electronically in the past, but this year I had some complex rental property depreciation schedules that my tax software couldn't handle properly, so I was forced to go the paper route. I was genuinely starting to panic that my envelope got lost in the mail or that I somehow attached the check incorrectly. Reading everyone's different timelines has been incredibly eye-opening - it really seems like the IRS processing centers are just completely swamped during filing season. The insight about them processing returns in batches makes so much sense. And I'm so grateful I kept my certified mail receipt after reading how important that documentation is! The advice about combining paper filing with electronic payment next year is brilliant - that seems like the perfect solution to get instant payment confirmation while still maintaining the paper trail benefits. I'm definitely going to stop checking my bank account obsessively and just trust that this is the painfully slow but normal government process. Thanks to everyone for sharing their experiences and timelines - this community is amazing for helping navigate the anxiety of dealing with IRS bureaucracy!

I'm completely new to this community but found this thread while desperately searching for answers about my own IRS check situation! Filed my paper return on April 9th with a $1,625 check and it's been over 5 weeks now with absolutely zero activity in my bank account. I've been checking my online banking religiously every single day, sometimes multiple times, thinking surely today has to be the day they finally cash it. Finding this discussion has been such an enormous relief for my mental state - I honestly had no idea that 4-8+ weeks was completely normal processing time for paper returns with checks! I've handled everything electronically for years, but this year I had some incredibly complex stock option exercises and RSU vesting schedules that my tax software just couldn't process correctly, forcing me to go the paper filing route. I was genuinely starting to convince myself that my envelope got lost in the postal system or that I made some critical error in how I attached the payment. Reading through everyone's varied timelines and experiences has been so incredibly reassuring. The explanations about IRS batch processing and how they're completely swamped during filing season really puts the delays in perspective. I'm so grateful I got that certified mail receipt after seeing how important that documentation is for peace of mind! The community consensus about combining paper filing with electronic payment next year is absolutely brilliant - that approach seems like the perfect solution to get immediate payment confirmation while still maintaining all the documentation benefits of mailing your actual return. I'm definitely going to stop obsessively checking my bank account multiple times daily and just trust that this is simply how painfully slow but completely normal the government processing system works. Thanks to everyone who has shared their timelines and experiences in this thread - this community is truly incredible for helping manage the stress and anxiety of navigating IRS bureaucracy!

I've been getting those exact same calls from "Tax Relief Group" for weeks now! The voicemails are so aggressive and threatening - they keep saying I need to call back immediately about "time-sensitive IRS matters" or face serious consequences. Reading through everyone's experiences here has been such a huge relief. I was starting to get genuinely worried that maybe I had missed something important with my taxes, even though I'm pretty sure I'm current on everything. It's scary how these scammers can make you doubt yourself with their official-sounding language and fear tactics. The most valuable thing I've learned from this thread is about all the free IRS resources that are available online. I had no idea you could check your tax transcript, set up payment plans, or access the Taxpayer Advocate Service directly through irs.gov. It's mind-blowing that these services exist for free while companies like "Tax Relief Group" are trying to charge thousands for the same help. I'm definitely going to create my IRS online account today to check my actual status and put this anxiety to rest. Then I'll block their number and report them to the FTC. Thanks to everyone for sharing their knowledge and experiences - you've probably saved me and countless others from falling for this expensive scam!

I've been dealing with these "Tax Relief Group" calls too and they're absolutely relentless! After reading through everyone's experiences here, I'm convinced this is a major scam operation. What really bothers me is how they deliberately create panic with their fake "urgent deadlines" and threatening language about liens and wage garnishment. The most eye-opening thing from this thread has been learning about all the free IRS resources available online. I had no idea you could check your tax transcript, set up payment plans, or access the Taxpayer Advocate Service directly at irs.gov without paying anyone thousands of dollars for the same services. I finally created my IRS online account after reading all these comments, and guess what? My tax status is completely fine - no outstanding balances, no liens, nothing. These scammers were literally trying to create a problem that doesn't exist to sell me an expensive "solution." For anyone else getting these calls, definitely check your actual IRS account status first before even considering calling any tax relief company back. And keep blocking their numbers - they eventually give up when they realize you're not going to engage. Thanks to everyone who shared their experiences - this thread is going to save so many people from falling for this expensive scam!

As a newcomer to this community, I'm really grateful for this incredibly detailed and helpful discussion! I'm in a similar situation where I'm planning multiple rollover transactions next year and was genuinely worried about running into IRS limits or compliance issues. @KingKongZilla - Your proactive approach with the $17,000 tax prepayment really shows excellent planning. Based on all the expert responses here, it's clear you handled everything correctly and are in great shape with the IRS. The distinction between unlimited employer plan rollovers versus the once-per-year limit on indirect IRA-to-IRA rollovers is something I definitely didn't understand before reading this thread. What I'm taking away for my own planning: - Create a detailed tracking spreadsheet for all transactions (dates, amounts, account types, taxability) - Request written confirmation letters from plan administrators - Carefully review 1099-R distribution codes when they arrive - Consider quarterly estimated tax payments rather than lump sum for large conversions - Keep meticulous records of all documentation The emphasis throughout this thread on proper documentation and record-keeping really highlights how important it is to be organized with complex rollover situations. The specific advice about Form 8606 reporting and the various tax software recommendations are incredibly valuable. Thanks to everyone who shared their expertise and real-world experiences - this community is an amazing resource for navigating these complex retirement planning decisions!

As a newcomer to this community, I wanted to add my perspective since I recently went through a very similar situation with multiple employer plan rollovers and conversions. @KingKongZilla - First off, you should feel confident that you handled everything correctly! Your proactive tax prepayment of $17,000 shows excellent planning, and based on all the expert responses here, you're definitely in compliance with IRS rules. I completed four different rollover transactions last year (two 401k rollovers, one 403b conversion, and one 457 rollover) and learned a few things that might be helpful: 1. The IRS actually prefers to see organized taxpayers who plan ahead like you did. Your documentation and prepayment strategy will work in your favor if any questions arise. 2. When your 1099-R forms arrive, create a simple checklist to verify each one shows the correct distribution code and matches your records. I caught one error that would have caused problems if I hadn't double-checked. 3. Consider setting up a dedicated folder (physical or digital) for all rollover-related documents. With multiple transactions, having everything organized in one place makes tax filing much smoother. The key insight from this thread is that employer plan rollovers have no annual limits - only indirect IRA-to-IRA rollovers where you receive the funds are restricted to once per year. Your situation falls into the unlimited category. Thanks for asking this question - the responses have been incredibly educational for anyone planning similar retirement account strategies!