IRS Announces Changes to the 2018 Schedule D Tax Worksheets
The Internal Revenue Service has announced that it made an error in its Schedule D tax computations, and certain taxpayers with long term capital gains and unrecaptured 1250 gains or gains from the sale of collectibles may be affected. Further, the IRS has requested that we NOT file amended returns; instead, they are making the corrections where applicable. For returns filed after May 15, 2019, the problem should already be corrected by virtue of our tax software updates. Here are the links to the IRS' announcement about its error:
Should you have any questions about whether this error affects your 2018 return, or if you have already received a notice from the IRS and have questions, please contact our office. We will be glad to assist you.
Robert D. Hoag, CPA, CGMA, MST | 10/21/2019