Just to add another layer of complexity, if these patents were developed internally rather than purchased, the tax treatment would be totally different! R&D costs to develop patents can be either expensed immediately or amortized over 5 years for tax purposes (depending on an election), while for GAAP they're capitalized once technological feasibility is reached and then amortized over useful life.

My accounting professor always said "GAAP is for investors, tax is for the government" - they serve different purposes! GAAP wants to accurately reflect economic reality over the true useful life, while tax rules are designed for consistency, ease of administration, and sometimes to incentivize certain behaviors. That's why we end up with these differences.

I went through this exact same thing with Missouri last year! After weeks of "processing" status and no luck getting through on the phone, I discovered that Missouri DOR sometimes has issues with their automated systems not updating properly. What finally worked for me was filing a formal inquiry through their website - there's a "Contact Us" form specifically for refund issues that goes to a different department than the phone lines. I got a response within 3 business days explaining that my return had been flagged for a routine audit review (nothing wrong, just random selection) and they expedited it once I responded to their inquiry. Also, if you have direct deposit set up, double-check that your bank account info was entered correctly - a surprising number of delays are due to rejected deposits that bounce back to the state. Hope this helps and you get your refund soon!

I'm dealing with the exact same frustration with Missouri! Filed in late January, got my federal refund quickly, but Missouri is still showing "processing" with no timeline. It's ridiculous that we have to become detectives just to figure out what's happening with our own money. I've been checking the status online daily and it never changes. Reading through all these comments, it sounds like Missouri DOR is just chronically understaffed and slow. Going to try calling that 573-751-3505 number first thing tomorrow morning, and if that doesn't work I'll try the email route someone mentioned. It's frustrating that some people are having to pay for third-party services just to get basic information about their refunds. Thanks everyone for sharing your experiences - at least I know I'm not alone in this mess!

Has anyone actually done the math on the new W-4? I feel like ever since they redesigned it in 2020 and removed allowances, it's impossible to get it right. My wife and I are both high earners and no matter what we do, we either owe thousands or get thousands back.

The IRS Withholding Estimator at irs.gov/W4App is honestly your best bet here. I was in almost the exact same situation - new job, way too much being withheld, and completely confused by the W-4 form. What I learned is that the problem isn't necessarily with your W-4 setup, but with how your employer's payroll system is calculating withholding. Many payroll systems use annualized calculations that assume you've been earning that salary all year, even if you just started. The Withholding Estimator will ask for your actual pay stubs and calculate exactly what should go in each section of your W-4. In my case, I needed to put a specific dollar amount in Step 4(b) for deductions to reduce my withholding to the right level. Also, don't forget that you can submit a new W-4 anytime during the year if your situation changes. You're not stuck with whatever you filled out on your first day. I've submitted three different W-4s this year as I fine-tuned my withholding. The key is being proactive about it - every paycheck you wait is more money going to an interest-free loan to the government like you mentioned.

As someone who went through this process twice in the past two years, I can share that the 7-day mark is still well within the normal range. The IRS verification system operates on batch processing cycles, not real-time updates. Your verification likely processed correctly, but the transcript updates happen in scheduled waves. I found that checking daily at 5:30 AM actually increased my anxiety - the updates typically appear on Wednesday or Thursday mornings when they do their weekly batch processing. Since you're new to the US tax system, it's worth noting that this verification process is actually a security feature to protect taxpayers from identity theft. The wait is frustrating but normal. I'd suggest giving it until the 14-day mark before calling back, as that's when most cases resolve according to the IRS's own published timelines.

I went through this exact same situation last year as a new US resident! The uncertainty is definitely nerve-wracking when you're still learning how the IRS system works. From my experience and what I've observed in this community, the 7-14 day window is accurate for most cases, but it can extend to 21 days during busy periods. What helped me manage the anxiety was understanding that the IRS has multiple verification queues - some for simple returns, others for complex ones. Since you mentioned needing the refund for credit history purposes, I assume your return is relatively straightforward, which typically processes faster. One tip that worked for me: instead of checking daily at 5:30 AM, try checking on Thursday or Friday mornings only, since that's when most weekly batch updates occur. The daily checking just added stress without providing useful information. Also, since you're new to the US tax system, it might be worth calling the IRS taxpayer assistance line (1-877-777-4778) around day 10-12 just to confirm your verification was properly recorded in their system. Sometimes there can be technical glitches that delay processing, and it's better to catch those early rather than wait the full 21 days. Hang in there - the process works, it's just frustratingly opaque about timing!

One thing nobody mentioned yet is that Coverdell accounts give you WAY more investment options than 529 plans. With a 529, you're usually stuck with whatever investment options your state's plan offers (typically target-date funds and some index funds). With a Coverdell, you can invest in pretty much anything - individual stocks, ETFs, mutual funds, etc. This was a huge factor for me since I wanted more control.

Another consideration is that 529 plans can now be rolled over into Roth IRAs (as of 2024) - up to $35,000 lifetime limit. This is HUGE for flexibility if your kid doesn't use all the 529 funds for education. Coverdells don't have this option.