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?