Quick heads up - I went through something similar and discovered there's a difference between a "dormant" corporation under Rev Proc 97-20 and an "inactive" one. Dormant means NO activity whatsoever during the tax year. If you had ANY financial transactions related to closing the company (paying final fees, receiving any distributions, etc.), you might not qualify for the simplified filing. I thought my UK company was dormant during its dissolution year, but the fees I paid to dissolve it counted as activity, which meant I needed to file the full 5471 rather than the simplified version. Might be worth double-checking if your dissolution process involved any financial transactions.

Based on all the discussion here, it's clear your new accountant is correct - you do need to file a final Form 5471 for 2023 when you dissolved your Thai corporation. Your first accountant gave you incorrect advice. Since this involves a dissolution, you'll need more than just the Rev Proc 97-20 simplified filing. You'll need to file a complete Form 5471 with the "Final 5471" box checked, plus Schedule O to report the disposition of your interest in the corporation. Depending on your specific situation, you may also need Schedules B, E, and potentially others. The key thing to remember is that dissolution almost always involves some financial activity (legal fees, final filings, etc.) which disqualifies you from the simplified dormant corporation filing anyway. Even if those costs were minimal, any activity during the tax year means you need the full form. Don't delay on this - the $10,000+ penalties for missing Form 5471 are no joke, and they apply regardless of whether the corporation had significant activity. The IRS takes international reporting requirements very seriously. Get this filed as soon as possible, and make sure whoever prepares it marks it as a final return to avoid future filing obligations.

This happened to me when I worked at Jackson Hewitt years ago! I was literally told "you'll learn as you go" and was terrified of messing up people's taxes. What helped me was focusing on being really good at intake and organization first. Make sure you're getting all the right documents and organizing them properly. Learn the software thoroughly so you at least know where to input everything. Then gradually pick up the actual tax knowledge. After a few weeks, I was actually pretty comfortable with basic returns. The software does a lot of the work for you. Just be super careful with anything complicated and definitely ask the senior preparers when you're unsure. Don't worry too much - you'll catch on faster than you think!

This is honestly a red flag about H&R Block's hiring practices. As someone who's been through proper tax preparation training, I can tell you that what you're experiencing isn't normal or acceptable. The fact that they hired you "on the spot" without an interview and immediately threw you into client work without ANY training is concerning. Even as a data entry person, you should understand what you're inputting and why. Tax preparation involves people's financial lives and potential legal consequences. Here's what I'd strongly recommend: 1. Document everything - keep records of the lack of training you received 2. Immediately request formal training from your supervisor 3. If they refuse or delay, consider reporting this to your state's Board of Accountancy 4. Look into getting your own basic tax education through IRS resources (they have free materials) You're not just "glorified data entry" - you're part of the tax preparation process, and clients deserve to have trained professionals handling their returns. Don't let them take advantage of your eagerness to learn. This could reflect poorly on your professional development if you're not careful. Stay strong and demand proper training. Your future clients and career deserve it.

The IRS is so broke they cant even show numbers anymore smh

The "AS OF: F" status you're seeing typically indicates your return is in a "freeze" or pending status while the IRS processes it. This is completely normal for returns that are still working through the system. The $0.00 balances and "NOT PRESENT" fields are standard placeholders until processing completes. Since you filed electronically 3 weeks ago, you're well within the normal 21-day processing window. The IRS updates transcripts in cycles (usually weekly), so those empty fields should populate once your return moves to the next stage. Head of Household returns sometimes take a bit longer due to additional verification steps. Keep checking your transcript weekly - once processing advances, you'll see those "NOT PRESENT" fields fill in with your actual tax data and any refund amount will appear. If nothing changes after 6-8 weeks total, then it might be worth calling the IRS directly.

One thing to consider is whether any of the settlement is for reimbursement of expenses. If part of the settlement is specifically to reimburse her for repairs she paid for out of pocket, that portion might not be taxable since it's just making her whole (not income). Does anyone know if lemon law settlements typically break down the amounts into different categories? Like compensation vs reimbursement?

Your cousin really needs to listen to you on this one. I went through a similar situation with a lemon law settlement two years ago for about $65K, and I can confirm that the entire amount was taxable income. The biggest mistake I made was not setting aside money for taxes immediately. I ended up owing about $18K in federal and state taxes combined, plus I had to make estimated payments the following quarter to avoid penalties. The settlement felt like a windfall until tax time rolled around. What really helped me was getting the settlement agreement reviewed by a tax professional before I spent any of the money. They were able to identify which portions might qualify for different tax treatment and helped me calculate exactly how much to set aside. Your cousin should definitely ask her lawyer to clarify what they meant about settlements not being taxable - they might have been referring to a completely different type of case. Lemon law settlements are almost always taxable unless there's some very specific language about personal injury (which would be unusual for a defective car case). Tell her to at least set aside 25-30% of the settlement for taxes until she can get proper advice. Better to be overprepared than scrambling to pay a huge tax bill later.

Waiting for IRS letters is like watching paint dry while standing in quicksand. You're stuck and it feels like nothing is happening. Last year, I had a friend who waited 7 weeks for their verification letter! The whole system seems designed to test our patience. My advice? Call once a week to check status, document every call (who you spoke with, date/time), and if it's been more than 4 weeks, specifically ask for a supervisor who might have additional options.

I feel your pain! I'm in a similar boat - my verification letter was supposedly mailed March 20th and still nothing. It's so stressful when you're counting on that refund for something important like tuition. I've been calling weekly and each agent gives me a different timeline estimate. One said 2-3 weeks, another said up to 6 weeks. The inconsistency is almost as frustrating as the wait itself. At this point I'm considering trying some of the alternatives people mentioned here, like checking if there's a local taxpayer assistance center that might help without the letter. Hang in there! 🤞