Hey quick question - are you guys using any particular software to track which 7216 consents you've received from which clients? We're switching to CCH Axcess this year and I'm curious if it has good tracking features for this.

Paolo, I feel your pain on the sudden volume increase! Three firms in 6 months is a lot to absorb. For 7216 consents, I'd definitely recommend keeping them separate from engagement letters - it gives you more flexibility and ensures clients actually read what they're consenting to regarding their data. One thing that's helped us tremendously is batch processing the consents. We send them out in waves based on client complexity (simple returns first, then more complex ones) rather than trying to handle everything at once. This way you can focus your team's limited bandwidth more strategically. Also, don't underestimate the power of setting clear expectations upfront. We now tell clients during the initial call that they'll receive both an engagement letter AND a separate consent form for data sharing, and we explain why both are necessary. This has cut down on the "why am I signing two things?" questions that used to eat up so much admin time. Have you considered bringing in temporary seasonal help specifically for document management and client communication? Sometimes an extra pair of hands just for tracking paperwork can free up your core team to focus on the actual tax prep work.

Does anyone know if wash sale rules apply to crypto trading? I've been doing some active trading this year on Coinbase and Binance and I'm not sure if I need to track wash sales the same way as with stocks.

Great question about handling brokerage fees! I went through this exact same confusion when I first started tracking my cost basis properly. Just to reinforce what Max mentioned - you're absolutely right that purchase fees get added to your cost basis ($135 + $12.50 = $147.50), but selling fees come off your proceeds instead of being added to cost basis. One thing I learned the hard way is to make sure you're tracking ALL fees, not just the obvious commission charges. Some brokers have regulatory fees, exchange fees, or other small charges that can add up over time. These all follow the same rule - purchase-related fees increase your basis, sale-related fees reduce your proceeds. Also, if you're doing more active trading now, definitely keep detailed records throughout the year rather than trying to reconstruct everything at tax time. Your broker's 1099-B should show the fees, but it's good to have your own records as backup, especially if you're trading across multiple platforms. The IRS is pretty clear on this treatment in Publication 550 if you want to read the official guidance, but the way Max explained it is spot on for your situation.

Been dealing with this exact same issue! The about:blank screen has been plaguing the IRS website for weeks now. What's really frustrating is that it happens randomly - sometimes the site works fine, other times you get that blank white screen no matter what you do. Since incognito mode worked for you, it's definitely a browser cache/cookie issue rather than server problems. Pro tip: bookmark the direct transcript URL and try accessing it during off-peak hours (like early morning 6-7 AM) when the servers aren't as hammered. Also, if you're on mobile, the desktop version tends to be more stable. Hope you get good news about that $3,789 refund! 🤞

Same thing happened to me yesterday! The about:blank screen is so frustrating when you're trying to check on a big refund like that. Since incognito mode worked for you, definitely keep that in your back pocket for future logins. Another trick that's helped me is switching from wifi to mobile data (or vice versa) - sometimes it's just weird network routing issues with the IRS servers. Also try the "Where's My Refund" tool on irs.gov as a backup - it doesn't give you the detailed transcript info but at least shows basic status updates. 3 weeks is still pretty normal timing wise, but I totally get the anxiety when it's almost $4K! Keep us posted on what your transcript shows 👍

Have we collectively considered how inefficient this system really is? In 2024, we're still waiting for paper letters that may or may not arrive, with codes that may or may not tell us what's happening with our money? The community wisdom here is clear: don't panic about 971 codes, but do be proactive. Check for companion codes on your transcript. Sign up for Informed Delivery. Make sure your address is current with the IRS. And perhaps most importantly, document everything. When did the code appear? What other codes appeared with it? This documentation becomes valuable if you need to prove timelines later.

Just want to add my experience to help ease some anxiety here. I had a 971 code appear on my transcript last February with a notice date of 2/15, and the letter didn't arrive until 3/2. It was a CP12 notice about a small math error that actually increased my refund by $89. The key thing I learned is that the IRS notice generation system is completely separate from their mailing system. So when you see that 971 code with today's date, it means they've queued up a notice to be printed and mailed, but it hasn't necessarily left their facility yet. I'd give it at least 7-10 business days before getting worried. In the meantime, definitely check if you have any other codes on your transcript that appear with the 971 - those will give you much better clues about what type of notice is coming your way.

Don't forget about state taxes too! If you've been misclassified at the federal level, you're likely misclassified for state taxes as well. Most states have their own processes for worker classification issues, and you might be entitled to additional refunds from state taxes. In my case, after getting the federal determination, I was able to recover an additional $2,100 from my state tax overpayments. Check your state's department of labor website for the proper forms - many states take misclassification very seriously because they lose unemployment insurance and workers' comp premiums.

This is a classic case of employee misclassification that's unfortunately very common in the construction and repair industry. Your employer is definitely saving money by avoiding their share of payroll taxes, workers' compensation, and unemployment insurance. A few additional points to consider: 1. **Document everything NOW** - Save all payment records (Zelle/Venmo transactions), text messages about work assignments, photos of the company vehicle you drive, and any written instructions from your boss. This documentation will be crucial for your SS-8 filing. 2. **Consider the Voluntary Classification Settlement Program (VCSP)** - If you think your employer might be willing to cooperate, this IRS program allows them to voluntarily reclassify workers with reduced penalties. It's often faster than the SS-8 process and less adversarial. 3. **Look into amended returns for prior years** - You can generally amend returns for up to 3 years back. Given that you owe $24,000 in tax debt, recovering the employer's share of FICA taxes from previous years could significantly reduce what you owe. 4. **Get professional help** - Consider consulting with a tax professional who specializes in worker classification issues. The potential savings from proper classification could easily pay for their fees, and they can help navigate the process while protecting your interests. The fact that you drive a company vehicle alone is a huge red flag for misclassification. That's typically one of the strongest indicators of an employee relationship according to IRS guidelines.