After an entire MONTH of constantly refreshing my transcript and getting nowhere, I finally just called the IRS using claimyr.com and got right through to an agent. Turns out there was a simple verification issue they needed to clear up, and my refund was processed right away. Talking to an actual human solved in 10 minutes what I spent weeks stressing about. Worth every penny to finally get my $4,700 refund!

Based on my experience dealing with the IRS for years, transcripts definitely update overnight during batch processing cycles, not throughout the day. The main update cycle is Thursday night/Friday morning, but there can also be smaller updates other weekdays depending on your processing cycle. Since you filed in April and it's been this long, there might be an issue with your return that's causing the delay. The transcript will usually show error codes or holds if there's a problem. I'd recommend checking your cycle code (the 8-digit number on your transcript) - if it ends in 05, you're on the weekly cycle and only need to check Friday mornings. If you really need answers about the delay, calling the IRS is your best bet, though I know it's frustrating getting through. But obsessively checking multiple times a day will just drive you crazy without giving you any new info!

This is a really nuanced decision that depends heavily on your specific financial situation. I've been through a similar analysis with my manufacturing business, and one thing I'd add is to consider the cash flow implications beyond just the tax benefits. When you personally purchase the equipment, you're tying up your personal capital (or taking on personal debt) that could be used elsewhere. The S-Corp lease payments become a fixed monthly expense, which can actually help with budgeting and cash flow management for the business. Also worth noting - if your S-Corp ever needs additional financing, having the equipment owned personally can sometimes complicate loan applications since the collateral isn't owned by the borrowing entity. Some lenders prefer when the business owns its core operational assets. Before making this decision, I'd strongly recommend running actual numbers on both scenarios using your projected income, tax brackets, and the specific equipment costs. The "best" choice really varies based on your personal vs. business tax situations, how long you plan to keep the equipment, and your overall financial goals.

I've been following this discussion and wanted to share my experience from the lender's perspective, since I work in commercial lending. James raises an excellent point about financing complications that people often overlook. When evaluating loan applications, we generally prefer when businesses own their core operational assets because it strengthens the company's balance sheet and provides clearer collateral. Personal ownership of business-critical equipment can create several issues: 1. The personal guarantor's debt-to-income ratio gets impacted by the equipment financing, which can limit their borrowing capacity 2. Cross-collateralization becomes more complex when assets are split between personal and business ownership 3. If the business fails, there's no automatic way for us to claim equipment that's personally owned (even though it's used in the business) That said, it's not a deal-breaker - just adds complexity. We've worked with plenty of clients who have this arrangement, but they often need higher down payments or additional collateral to offset the increased risk. My advice would be to factor in your future capital needs when making this decision. If you're planning to expand or may need equipment financing down the road, keeping everything under the S-Corp might be the cleaner approach, even if it's not optimal from a pure tax perspective.

11 This might be a response to increased IRS scrutiny of tax preparers. My sister works at a tax firm and they recently implemented stricter documentation policies because they got audited. But they told clients about the policy change well in advance and explained exactly which regulation they were complying with. Your preparer's approach sounds suspicious - why wait until months after tax season? And why not explain the specific requirement?

5 I've been a client at my tax firm for over 20 years and they did something similar last year, but it was because they were implementing new security protocols after a data breach at another office in their network. They clearly explained this was for enhanced security and gave us multiple secure options for providing the information (secure portal, in-person verification, etc). The vague explanation you received is what concerns me most.

Has anyone else noticed how tax identity theft has gotten so much worse in the last couple years? My neighbor had someone file a fake return with her info last year and it took her like 8 months to get her actual refund. The IRS is completely overwhelmed with this stuff.

This is definitely a red flag. I've been preparing taxes for over a decade and there's absolutely no legitimate reason a tax preparer needs physical copies of social security cards. The SSN itself is sufficient for all tax preparation purposes, including e-filing and identity verification with the IRS. The explanation about "security purposes in case someone tries to fraudulently use your SSNs" doesn't make sense either - having copies of your cards wouldn't prevent or help with identity theft, and actually creates MORE risk by having those documents stored in their files. I'd strongly recommend finding a new preparer. A legitimate tax professional should be able to clearly explain why they need any document, and getting defensive when questioned is another warning sign. Trust your instincts on this one.

This is super frustrating! I'm in the exact same situation - filed my Michigan return in November and still waiting. The uncertainty is the worst part. Have you tried checking your account transcript online? Sometimes that shows more details than the generic "under review" status. Also wondering if anyone knows if Michigan pays interest on delayed refunds like the IRS does?

I'm going through the same exact thing! Filed my Michigan return in December and it's been "under review" ever since. The waiting game is absolutely brutal, especially when you're counting on that refund. I've tried calling but like you said, just get the same "please wait" response. Really appreciate everyone sharing their experiences here - at least now I know I'm not alone and this seems to be a widespread issue this year. Definitely going to try that early morning call strategy someone mentioned!