Went through this exact process last filing season. Submitted my 4800C on February 8th and got my refund on March 2nd, so just over 3 weeks. The key was making sure I submitted EXACTLY what they asked for - no more, no less. I made the mistake of sending too much documentation the first time (thought I was being helpful) and they rejected it and made me resubmit. The second time I followed their instructions to the letter and it went through without issues. Hope this helps and good luck!

Just went through this process myself - submitted my 4800C on February 28th and refund hit my account yesterday (March 8th), so about 8 business days for me. I think timing might depend on how backed up they are when you submit. One thing that helped was checking my account transcript on the IRS website rather than just relying on WMR - it showed the verification hold codes and when they were cleared, which gave me a better sense of what was actually happening behind the scenes. The transcript updated about 2 days before WMR finally showed "approved" status. Hang in there - it's definitely nerve-wracking but they seem to be processing these more efficiently than in previous years.

Just curious - does anyone here use specific tax software that handles booth rental situations well? I'm currently using TurboSelf-Employed but it keeps asking me questions that don't really apply to my situation as a booth renter in a barber shop.

As someone who's dealt with similar confusion about booth rental arrangements, I want to emphasize that what you're describing is absolutely legitimate. The key distinction is that you're operating as an independent business owner who simply rents physical space - you're not an employee of the salon. The IRS uses the "ABC test" in many cases: (A) you're free from control and direction, (B) your work is outside the usual course of the hiring entity's business, and (C) you're customarily engaged in an independently established trade. Your situation clearly meets all three criteria. Those people commenting on the ad are likely thinking of situations where salons misclassify actual employees as contractors to avoid paying payroll taxes and benefits. That's completely different from legitimate booth rental where you maintain full business autonomy. The fact that the previous owner passed an audit is strong evidence that this arrangement is properly structured. Keep documenting your independent business operations and don't let uninformed opinions create unnecessary anxiety about a perfectly legal business model.

Just a heads up for anyone new to ESPPs - the taxation gets even more complicated if your plan has a "lookback provision" where you get the discount based on either the price at the beginning or end of the offering period, whichever is lower. In those cases, you might actually have MORE than just the straight 15% discount counted as ordinary income. If the stock price increased during the offering period and you get to use the lower beginning price, that additional discount also counts as ordinary income.

I've been through this exact situation and want to emphasize something that might not be obvious - make sure you understand your company's specific ESPP terms before assuming the standard 15% discount applies the same way everywhere. Some plans calculate the discount differently (like using the lower of beginning/ending prices as mentioned), and some companies withhold taxes on the discount automatically while others don't. I learned this the hard way when I assumed my situation was identical to what I read online. Also, keep detailed records of your purchase dates, fair market values, and actual amounts paid. You'll need these for Form 8949, and it's much easier to track this as you go rather than trying to reconstruct it at tax time. Your brokerage statements might not have all the details you need for proper tax reporting. One more tip - if you're planning to do immediate sales regularly, consider the transaction costs. Frequent small sales can eat into your gains pretty quickly depending on your broker's fee structure.

I'm dealing with a similar situation right now and this thread has been incredibly informative! One aspect I haven't seen mentioned yet is the timing of when to make this change during the tax year. Since we're already partway through 2025, would it be better to wait and make the accounting method change effective for the 2026 tax year, or can we still implement it for 2025? I'm worried about mid-year complications with the Section 481(a) adjustment calculations. Also, for those who have made this switch - how do you handle the ongoing reconciliation between your accrual books and cash method tax returns? Do you maintain separate records or use some kind of worksheet to track the differences each year? I want to make sure we set up a sustainable system that won't create headaches down the road.

Just wanted to add another perspective from someone who made this exact switch two years ago. One thing that really caught me off guard was how the change affected our quarterly estimated tax payments. Since we moved from accrual (where income was recognized when billed) to cash method (income recognized when received), our cash flow timing changed significantly. Under accrual, we had steady quarterly income recognition even if payments came in irregularly. With cash method, our taxable income now fluctuates based on when customers actually pay, which made estimated tax planning much trickier. We had one quarter where we received several large payments and owed way more than expected, followed by a quarter with very little taxable income. My advice: once you make the switch, work with your accountant to develop a new estimated tax payment strategy that accounts for your actual collection patterns rather than your billing schedule. This is especially important for service businesses with longer payment cycles. Also, make sure your payroll processing company understands the change if you're taking distributions or salary adjustments based on "book" income versus "tax" income. The disconnect between the two can create confusion when planning compensation.

I went through this exact same situation last year and can completely understand your frustration! The SSN requirement caught me off guard too when I had to resell some concert tickets due to a work conflict. What Ticketmaster is asking for is legitimate - they need your Social Security Number as your tax ID due to IRS reporting requirements that took effect in 2023. Any payment platform processing over $600 for someone during the tax year must collect this information, even for one-time personal sales like yours. The good news is that since you sold at a loss (like I did - lost about $35 on mine), you won't owe any taxes on this transaction. You'll just need to keep your original purchase receipt to document the loss when filing taxes next year. Here's what helped me get through the process quickly: - Made sure my name on Ticketmaster matched my bank account exactly (including middle initials) - Submitted my SSN through their secure portal - Got my payment within 4 business days after verification I know sharing your SSN feels uncomfortable, but unfortunately it's the only way to get your money. Ticketmaster handles this for thousands of sellers and has proper security measures in place. Once you complete the verification, you should get your $200 without any further hassles. It's frustrating that they don't explain this upfront, but the process itself is pretty straightforward once you know what they need!

I went through this exact same situation about 3 months ago when I had to resell some sports tickets due to getting COVID. The whole SSN requirement definitely caught me off guard too! What everyone else is saying is correct - Ticketmaster is legally required to collect your Social Security Number for any sales over $600 due to new IRS reporting rules. It's frustrating that they don't explain this clearly upfront, but it's completely legitimate. Since you sold at a loss (like I did), you won't owe any taxes on this transaction. Just make sure to keep your original purchase receipt because you'll need it when you file taxes next year to show the IRS this was actually a loss, not income. A couple of practical tips that helped me: - Check that your name on your Ticketmaster account matches your bank account exactly before submitting your SSN - Once you provide it, you should get confirmation within 24 hours and payment within 3-5 business days - Don't worry about the security aspect - they process thousands of these daily I know it feels weird giving out your SSN, but unfortunately there's no way around it if you want your money back. The verification process was actually pretty smooth once I understood what they needed. You should have your $200 soon after you complete it! The whole thing is becoming standard practice across payment platforms now, so at least we know what to expect for future situations like this.