Has anyone else had clients affected by the Schedule D Tax Worksheet error, and if so has the IRS provided any additional information to you on the review?

The IRS issued a notice on May 16th regarding an error in the instructions that were submitted to software companies regarding the Schedule D Tax Worksheet calculations. Any return filed prior to May 16th would have calculated the wrong tax liability. In the notice, the IRS states that amending returns is not necessary and that they would review all affected returns and provide an update. There has not yet been any updates and our clients have not received their additional refund amounts or any notices regarding a recalculation. Should we amend the returns or continue to wait for an update?

IRS_notice_regarding_incorrect_instructions_re_Sch_D_tax_comp_2018.pdf
3 additional answers

No answers have been posted

More Actions

People come to Accountants Community for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: