I feel your pain on this fiscal year deadline confusion! I went through the exact same thing with my small manufacturing business a couple years ago. The September 15th deadline for June 30 fiscal year corporations is one of those weird exceptions that catches so many people off guard. Since you're already past the September 15, 2024 deadline for your first year, here's what I'd recommend based on my experience: 1. File immediately - don't wait another day. The failure-to-file penalty is 5% of unpaid tax per month and stops growing once you file, even if you still owe money. 2. Include a reasonable cause letter with your return explaining the confusion about fiscal year deadlines. I did this and the IRS accepted it as reasonable cause for a first-time filer. 3. Look into First-Time Penalty Abatement if you have a clean compliance history. You can request this after filing by calling the IRS or including a letter with your return. 4. For next year, set up proper reminders for your September 15 deadline, and consider filing Form 7004 for an automatic extension to March 15 if you need more time. The good news is that this type of deadline confusion is actually pretty common for new corporations with fiscal years, and the IRS recognizes it as reasonable cause. Don't let the stress paralyze you - just get that return filed ASAP and deal with any penalties after the fact. You've got options to reduce or eliminate them.

I can totally relate to this fiscal year confusion! As someone who's helped many small business owners navigate these deadlines, the June 30 fiscal year exception trips up almost everyone initially. Since you missed the September 15, 2024 deadline, here's my recommended action plan: **Immediate Steps:** 1. File your Form 1120 THIS WEEK - seriously, don't wait another day 2. Include a reasonable cause statement explaining the fiscal year deadline confusion 3. Pay any taxes owed to minimize failure-to-pay penalties **Penalty Relief Options:** - First-Time Penalty Abatement (if you have clean compliance history) - Reasonable cause relief for the deadline confusion - The IRS is generally understanding about fiscal year filing confusion for new corporations **Going Forward:** - Mark September 15 in your calendar for future years - Consider filing Form 7004 next year for automatic extension to March 15 - Set up quarterly estimated payment reminders (Oct 15, Dec 15, Mar 15, Jun 15) The failure-to-file penalty (5% per month) is way steeper than failure-to-pay (0.5% per month), so getting that return filed immediately should be your top priority. Once filed, you can work on penalty abatement. Don't beat yourself up over this - the fiscal year deadline rules are genuinely confusing, and you're definitely not the first business owner to get caught by this!

This is such a timely question! I went through the exact same confusion when I started trading more actively last year. The wash sale rules are definitely one of those tax concepts that seem simple on the surface but get complicated quickly in practice. One thing that helped me understand it better was thinking about the IRS's intent behind the rule - they don't want people to claim tax losses while immediately getting back into the same economic position. That's why the loss isn't permanently gone, just deferred until you actually exit the position for good. A few additional points that might help: - The 30-day window goes both ways (before AND after the sale), so it's actually a 61-day window total where you need to be careful - Your broker's 1099-B will show wash sales they're aware of, but they might miss some if you trade across multiple brokers or account types - If you're doing tax-loss harvesting near year-end, be extra careful about January purchases triggering wash sales on December sales The cost basis adjustment you mentioned is correct - that $200 loss gets added to your new shares' basis, so you'll eventually get the tax benefit when you sell those replacement shares (assuming you don't trigger another wash sale). Have you considered consulting with a tax professional who specializes in trading? It might be worth the cost given how complex this can get with active trading.

Just wanted to add another perspective on the "substantially identical" question that's been bugging me too. I learned from my tax advisor that the IRS hasn't provided a comprehensive list of what counts as substantially identical, which makes this so confusing for us regular traders. For ETFs, it's not just about tracking the same index - even funds that track different but highly correlated indexes could potentially be considered substantially identical. For example, an S&P 500 ETF and a large-cap growth ETF might have enough overlap that the IRS could argue they're substantially identical if you're not careful. One strategy I've started using is the "different asset class" approach when I need to tax-loss harvest. Instead of trying to find a "similar but not identical" replacement, I'll temporarily move to a completely different sector or even bonds for the 31-day period. It's not perfect for maintaining exposure, but it completely eliminates the wash sale risk. Also, be super careful with dividend reinvestment plans (DRIPs). If you sell a stock at a loss but have DRIP enabled and it automatically reinvests dividends within the wash sale window, that could trigger the rule too. I had to disable DRIP on several positions to avoid this issue. The whole system really seems designed to trip up active traders who don't have professional tax help!

I've been following this thread closely as someone who's been struggling with the exact same issue - my automated payment plan payment of $312 from March just vanished from their system despite clearing my bank account weeks ago. I was starting to think I was going crazy until I found this community discussion! The collective problem-solving here is absolutely incredible. You've all basically created the definitive guide to actually reaching IRS agents when dealing with payment processing issues. The strategy is so clear now: call 800-829-0922 (collections number) early morning around 8:30 AM on weekdays, have all documentation ready, and mention the "reconciliation queue" or "unpostable transactions" issues right away. What really gives me confidence is seeing how consistent the success rate has been once people started using this approach. Every single person who tried the collections number has gotten through to knowledgeable agents like Patricia and Maria who immediately recognize these March/April processing problems and can resolve them quickly. I'm planning to call first thing Monday morning with my bank statements and payment confirmation numbers organized. After reading through all these detailed success stories - from 15-minute resolutions to helpful email confirmations with reference numbers - I finally feel like this is a solvable problem instead of an impossible bureaucratic nightmare. Thank you to everyone who shared their experiences and strategies. This thread has transformed what felt like a hopeless situation into a manageable problem with proven solutions. I'll definitely report back with my results to keep this valuable resource going for other taxpayers dealing with similar issues!

I'm so grateful I found this thread! I've been dealing with the exact same nightmare for weeks now - my automated payment of $287 from March completely vanished from the IRS system despite being withdrawn from my bank account over a month ago. I've been getting increasingly frantic notices saying I'm behind on payments when I know I paid on time. I tried calling the main IRS number five times over the past two weeks and got trapped in those soul-crushing automated loops every single time. I was starting to lose hope and worry about accumulating penalties for something that wasn't even my fault. Reading through all these detailed success stories has been like finding a lifeline! The pattern is so clear - the collections number (800-829-0922), early morning timing around 8:30 AM, having documentation ready, and mentioning the "reconciliation queue" issues upfront. It's incredible how this community has reverse-engineered the entire IRS phone system. I'm planning to call tomorrow (Tuesday) morning at 8:30 AM sharp with my bank statements, payment confirmations, and account numbers all organized. After seeing so many people get their March/April payment issues resolved in 15-25 minutes once they reach agents like Patricia and Maria, I finally have hope this will actually get fixed. This thread should honestly be required reading for anyone dealing with IRS payment problems. Thank you to everyone who shared their strategies and experiences - you've turned what felt like an impossible bureaucratic maze into a manageable problem with proven solutions!

Just wanted to share what happened with my craft business - I started recording everything as net sales, but when I started doing significantly more volume, my accountant suggested separating the discounts as "Other expenses" with a clear description. This actually helped me realize I was giving way too many discounts on certain product categories! By seeing the total discount amount separately on my Schedule C, I made some pricing adjustments that increased my profits by almost 15% the next year. So while tax-wise it makes no difference, the business insight from separating them out can be really valuable!

Great discussion everyone! As someone who's dealt with this exact issue, I'd recommend starting with the simpler net sales approach (recording after-discount amounts) unless you have a specific business need to track discount patterns. One thing I learned the hard way is that if you do choose to separate discounts as "Other expenses," make sure to keep detailed records of what constitutes those discounts. During an audit, the IRS will want to see that these are legitimate customer discounts and not other types of expenses that got lumped together. Also, whatever method you choose, stick with it consistently throughout the tax year. Switching methods mid-year can create complications and potentially trigger questions from the IRS. QuickBooks actually has good reporting features for either approach if you set up your accounts properly from the start.

Just wanted to share my experience since I went through something very similar last month. I had a W2C where my employer corrected my state tax withholding amount (they had under-reported it by about $200). The key thing I learned is to treat the W2C as your "real" W2 - don't enter both forms into TurboTax. When you get to the W2 section, there's actually a checkbox that asks if you have a corrected W2. Check that box and TurboTax will walk you through entering just the corrected information. For your situation with just the SSN being wrong, you're in good shape since that won't affect any of your tax calculations. The dollar amounts should all be identical between your original W2 and the W2C. Just double-check that all the wage and withholding amounts match up before you submit. One thing that helped me was laying both forms side by side and going through each box to see exactly what changed. In your case, it should literally just be the SSN field that's different. This gave me confidence that I was entering everything correctly in TurboTax.

I'm going through something similar right now with my W2C! My employer had my middle initial wrong which affected some automated matching systems. One thing I learned from calling my payroll department is that you should keep both your original W2 and the W2C for your records, even though you'll only use the corrected version for filing. The IRS recommends keeping the original to show what was initially reported versus what was corrected, especially if there are any questions later. Also, since you mentioned this happened for both this year and last year - even though the IRS didn't flag anything last year, your employer is required to send corrected information to the Social Security Administration too. This ensures your earnings are properly credited to your SSN for future Social Security benefits calculations. So getting this fixed now is definitely the right move! For TurboTax, when you get to the W2 entry section, look for the option that says something like "Do you have a corrected W2 (W2-C)?" - that will guide you through the process step by step.