Has anyone used both Guideline and Gusto for the retirement plan setup? I'm trying to figure out if having them integrated makes it easier to claim these Secure Act 2.0 credits or if it's basically the same no matter which provider you use.

I've been following this thread closely as I'm in a similar situation with my small consulting firm (6 employees, also S-Corp structure). Based on everyone's experiences here, it sounds like the key is making sure you have proper documentation of all setup costs and that your payroll provider can generate the right reports for Form 8881. One thing I'd add - if you're already using Gusto, they actually have some built-in retirement plan options that qualify for Secure Act 2.0 credits. You might want to check with them specifically about their 401(k) offerings rather than going with a separate provider. Sometimes having everything integrated makes the reporting cleaner come tax time. Also, since you mentioned being confused about the credits - the IRS actually published some updated guidance in late 2023 (Notice 2023-75) that clarifies a lot of the questions people have been asking in this thread. Worth checking out if you want the official details rather than relying on third-party interpretations.

I'm dealing with something similar - multiple amended returns showing up when I only filed one. From what I've learned, the IRS sometimes creates internal amendments (that second 977 code) when they find discrepancies during processing. The good news is that October 21st date shows recent activity. When they remove penalties AND interest like yours shows (codes 277/197), it usually means they're taking responsibility for processing delays. That additional tax assessment (code 290) for $762 will either reduce your refund or create a balance due. Check if your withholding (those 806 codes totaling $5,306) covers your total tax liability plus that new $762 assessment. If it does, you should still get something back once they finish processing. The 570 codes mean they're still working on it, but October activity is promising! Keep checking your transcript weekly for either an 846 refund code or movement on that balance. Based on the timeline, I'd expect resolution in the next 2-4 weeks.

Looking at your transcript breakdown, you should definitely still get a refund! Here's the math: Your total withholding was $5,306 ($3,456 + $1,850 from the two 806 codes). Your original tax liability was $4,875, plus that additional $762 assessment = $5,637 total. So $5,306 - $5,637 = you'd still be due a small refund of around $331, assuming no other adjustments. The fact they waived your penalties and interest (saving you $558 total) shows they're being fair about their processing delays. That October 21st activity is definitely movement in the right direction - when the IRS removes penalties like that, it usually means they're wrapping up the case. Keep monitoring for an 846 code in the next few weeks. With amended returns, they often batch process the final calculations, so you might see everything resolve at once. The multiple 570 codes just mean they're being thorough with the review process.

Does anyone know if there are different GILTI rules for different industries? We're in software development with significant IP held offshore, and I'm not sure if there are specific provisions we need to be aware of.

I've been following this discussion with great interest as someone who's also navigating GILTI complexities. One thing I haven't seen mentioned yet is the impact of timing differences between U.S. and foreign tax years on GILTI calculations. Our family business has operations in the UK where the tax year ends in March, while our U.S. tax year is calendar year. This creates some tricky situations for calculating the foreign tax credits and determining which year's foreign taxes can be credited against which year's GILTI inclusion. Also, for those dealing with multiple foreign subsidiaries, don't forget about the tested loss rules. If one of your CFCs has a tested loss in the same tax year that another has tested income, the loss can reduce your overall GILTI inclusion. This can be particularly beneficial if you have operations in different stages of development or seasonal businesses. The recordkeeping requirements for GILTI are also pretty intense - you need to track basis in foreign subsidiaries, foreign tax payments, and depreciation schedules for tangible property on a CFC-by-CFC basis. I'd recommend getting your documentation systems set up properly from the start rather than trying to reconstruct everything later.

I'm so grateful I found this thread! I've been dealing with tax anxiety for years, and the terminology around tax years has always been one of my biggest stumbling blocks. Reading through everyone's experiences really helped me realize that I'm not alone in finding IRS communications confusing and intimidating. What really resonates with me is how many people mentioned that initial panic when receiving any official tax correspondence. I think there's something about the formal language and official letterhead that immediately makes us assume we've done something terribly wrong. But as several people pointed out, most of these notices are just routine administrative requests. The explanation that "tax year 2022" simply refers to income earned during calendar year 2022 (regardless of when you filed) is so much clearer than anything I've read in official IRS publications. Sometimes peer explanations are worth more than all the official documentation combined! For anyone else who gets overwhelmed by tax notices: take a deep breath, read it carefully, and remember that getting a letter doesn't automatically mean you're in trouble. This community has shown me that most tax issues are much more manageable than they initially appear.

Reading through all these experiences really highlights how unnecessarily complicated the IRS makes their communications! As someone who's been preparing taxes for clients for over a decade, I can confirm that "tax year 2022" simply refers to income earned during calendar year 2022 - which you would have reported on returns filed in early 2023. The confusion is totally understandable because the IRS uses this backwards terminology everywhere. When they say "tax year 2022," they mean the 2022 tax return (Form 1040) that covers income from January 1, 2022 through December 31, 2022. This return would have been due April 18, 2023. A few key points for anyone dealing with similar notices: 1. Don't panic - most notices are routine correspondence, not audit threats 2. The notice date and response deadline are more important than the tax year mentioned 3. "Tax year" always refers to the year you EARNED the income, not when you filed 4. State and federal agencies use the same terminology For the original poster - since you moved in late 2021 and were unemployed then, any "tax year 2022" notice would relate to income earned in your new location during 2022. If you didn't have taxable income there in 2022, you may need to respond explaining your situation or claim an exemption if applicable. The IRS really should simplify their language, but unfortunately we're stuck with their confusing terminology for now!

Pro tip: stop checking and turn on email notifications in your IRS account settings. Save urself the headache 👍

From my experience, WMR updates once daily (usually overnight between 3-6am EST) and transcripts typically update weekly on Fridays around the same time. But like others mentioned, the cycle code on your transcript determines your specific update day - it's the last 2 digits of that long number on your account transcript. I used to check obsessively too until I learned this schedule! Now I just check Friday mornings and save myself the stress. The waiting game is brutal but at least knowing when to actually look helps 😊