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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?
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IRS says wait.....If the refund is a large one, I might consider amending. BUT, an amended return isn't processed for 6-8 months so I'm not sure that would be faster.
If more is owed (I've had one that owes more), I might consider amending so that the balance can get paid. I *suspect* the IRS will waive any interest/penalties on those balances - but who knows ?
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The IRS isn't known for their blazing speed. It's just time to exercise a little patience.
Slava Ukraini!
dd4vols
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I have actually had 2 clients so far get refund checks (both within the last 30 days). They of course called me, and when I open up their files in PS, it says the return has changed. I look at the changes.. and see the refund difference...and it has matched both times to what my clients got...plus they got interest paid to them also.
That has been my gameplan...to wait it out, since the IRS said they would catch all applicable necessary changes. Both of these involved the sale of business assets..
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Thanks for the Yes vote....the IRS is just now(early to mid October 2019) sending out the refunds related to this snafu.
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