I've been following this thread closely because I'm in a very similar situation - filed my Section 475(f) election with my 2023 return and have been anxiously waiting for some kind of confirmation that never came. Reading through everyone's experiences here has been incredibly helpful and reassuring. The consistent message that "no news is good news" with the IRS for these elections makes sense, even though it's counterintuitive when you're used to getting confirmations for important financial decisions. What really struck me was the advice about maintaining detailed records and implementing MTM accounting immediately rather than waiting for confirmation. I've been hesitating to start the daily position tracking, but it's clear that's the wrong approach. If the election was going to be rejected, the IRS would have notified me by now. For anyone else dealing with this uncertainty, I think the key takeaways from this discussion are: 1. Keep all your documentation (election statement, certified mail receipts, return acceptance proof) 2. Start tracking positions daily and preparing for Schedule C reporting 3. The IRS doesn't confirm these elections - they only contact you if there's a problem 4. Services like Claimyr can help you get through to the IRS if you really need direct confirmation Thanks to everyone who shared their experiences. It's made me much more confident about moving forward with MTM implementation for 2024!

As someone new to this community, I want to thank everyone for this incredibly thorough discussion! I'm actually in the exact same situation as Noah - filed my Section 475(f) MTM election with my 2023 return earlier this year and have been anxiously checking for some kind of confirmation that never came. Reading through all these responses has been like finding a goldmine of practical information. The consistent message that the IRS operates on a "deemed approved unless rejected" basis for MTM elections is both reassuring and frustrating - reassuring because it means my election is likely valid, but frustrating because there's no way to get that peace of mind confirmation we all want. What I'm taking away from this discussion: 1. Keep meticulous records of everything (which I thankfully did with certified mail) 2. Start implementing MTM accounting practices immediately for 2024 3. Prepare to file Schedule C instead of Schedule D going forward 4. Stop waiting for confirmation that will never come The practical tips about daily position tracking and using consistent pricing sources are invaluable. I've been putting off starting my MTM implementation because of the uncertainty, but it's clear that's the wrong approach. Thanks especially to those who shared their multi-year experiences with MTM filing - it really helps to know that the anxiety decreases over time and that the process becomes routine. For anyone else in this boat, it sounds like we just need to trust the process and move forward with confidence!

I'm new to this community and currently dealing with RIVO status for the first time myself! I filed my return in late February and have been stuck in this status for about 5 weeks now. Like so many others have shared, I was initially really panicked thinking I had made some major mistake on my return. This thread has been incredibly educational and reassuring. Learning that RIVO stands for Return Integrity Verification Operation and is essentially an automated fraud prevention system that cross-checks our returns against IRS databases really put my mind at ease. The statistic about RIVO cases increasing by 40% this year compared to last year definitely explains why so many of us are encountering this for the first time! I took everyone's advice and set up my IRS online account to check my transcript - you're all absolutely right that it shows much more detail than the basic "Where's My Refund" tool. I can see the 570 hold code on my account, so now I'm watching for that 571 release code that indicates when the hold gets lifted. At 5 weeks, I'm hoping to see some movement soon based on all the timelines people have shared here. It's such a relief to know this is just their standard verification process and that most people receive their full refund amount with no adjustments. The automated nature of it is both comforting (no subjective human decisions) and frustrating (nothing we can do to speed it up), but at least I understand what's happening now. Thanks to everyone who took the time to share their experiences and advice - it makes this waiting period so much less stressful knowing we're not alone in this process!

I'm new to this community and currently going through my first RIVO experience, so this thread has been incredibly helpful! I filed in early February and have been stuck in this status for about 6 weeks now. Like everyone else has mentioned, I was initially terrified that I had made some major error on my return. Reading through all these experiences has been such a relief - especially learning that RIVO stands for Return Integrity Verification Operation and is part of their automated fraud prevention system. That 40% increase in cases this year really explains why so many of us are dealing with this for the first time! I followed the advice here and set up my IRS online account to check my transcript. You're all absolutely right that it provides much more detail than the "Where's My Refund" tool. I can see the 570 hold code and I'm now anxiously watching for that 571 release code everyone talks about. At 6 weeks, I'm hoping to see movement soon based on all the timelines shared here. The waiting is definitely the hardest part, especially when you're counting on that refund for planned expenses. But knowing this is just standard verification and that most people get their full refund amount with no adjustments makes the wait much more bearable. Thanks to everyone who shared their experiences and timelines - it's so reassuring to know we're not alone in this process and that patience really is the key!

I think most people are overthinking this. I've been running a home catering business for 12 years and here's what my CPA told me: Take the total square footage of your home, figure out what percentage your kitchen represents, then determine what percentage of time the kitchen is used for business vs. personal. Example: If your kitchen is 15% of your home's square footage, and you use it 70% for business, you can deduct 10.5% (15% × 70%) of your home expenses like mortgage interest, property taxes, utilities, insurance, etc. For major renovations, you can depreciate the business portion. In your case, if the renovation costs $32,000, you'd depreciate $3,360 (10.5% of $32,000) over 27.5 years. For appliances specifically used for business, you can depreciate them separately over 5-7 years, or potentially use Section 179 to deduct them immediately. It's not that complicated if you keep good records. I've been through an audit and this approach held up fine.

Great insights from everyone here! As someone who's dealt with similar home business kitchen deductions, I'd add that documentation is absolutely crucial. The IRS loves to see contemporaneous records, so start tracking your business vs personal kitchen usage RIGHT NOW, even before you do the renovation. I recommend creating a simple log where you note the time spent on business activities in the kitchen each day. Also take "before" photos of your current setup and detailed "after" photos once the renovation is complete, showing which areas and equipment are used primarily for business. One thing I learned the hard way: if you're installing any new electrical, plumbing, or ventilation specifically required for commercial-grade equipment, those costs can often be fully allocated to business use rather than using the general percentage approach. My electrician had to upgrade my panel and add dedicated circuits for my commercial convection oven - that was 100% business expense. Also consider timing - if you're expecting a particularly profitable year, taking the Section 179 deduction for qualifying equipment might make more sense than depreciating over time. But if your business income varies significantly year to year, spreading the deduction through depreciation might provide more consistent tax benefits.

Has anyone tried adjusting their withholdings to compensate for the marriage tax situation? My husband and I discovered this "penalty" last year and ended up owing $2,700 when we'd both previously gotten refunds filing separately. We're trying to figure out if we should change our W-4s.

I went through this exact same shock when my spouse and I got married three years ago! We were both making around $70k each and suddenly went from getting decent refunds to owing money. What really helped us was understanding that the "marriage penalty" isn't actually about the government penalizing marriage - it's more about how the tax brackets are structured. The key insight for us was realizing that while we paid more in taxes the first year, we also had access to benefits we didn't have before. We could max out retirement contributions more strategically (like doing a spousal IRA), our health insurance became cheaper with family coverage, and we qualified for some tax credits we couldn't get individually. Also, don't forget that once you're married, you have the option of married filing separately if that ever works out better for your specific situation, though it rarely does. The real financial benefits of marriage often show up in areas beyond just the annual tax return - things like Social Security benefits, estate planning, and combined insurance coverage.

Slightly different perspective - you could consider making an S-Corp election effective 1/1/24 even though it's past the deadline. The IRS allows for late S-Corp elections if you have "reasonable cause." Given that you were already operating as if you were an S-Corp (paying yourself W-2 wages), you might have a case for relief under Revenue Procedure 2013-30.

I went through almost the exact same situation last year! My SMLLC had been paying me W-2 wages for three years without S-Corp election. After panicking for weeks, I ended up working with a tax attorney who helped me file for late S-Corp election under Revenue Procedure 2013-30. The key was demonstrating that I had "reasonable cause" - specifically that I was operating in good faith as if I were an S-Corp (regular payroll, proper withholdings, etc.) but simply missed the technical filing requirement. We submitted Form 2553 with a detailed explanation letter showing my payroll records and explaining the misunderstanding. The IRS approved the retroactive election back to my original intended date, which meant I didn't have to amend any returns or deal with the Schedule C conversion. The whole process took about 6 months, but it was way less painful than I expected. Definitely worth exploring before you commit to amending multiple years of returns!