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Is the email regarding Critical alert QBI legit?
CRITICAL ALERT Regarding QBI and Amortization for Partnerships, SCorporations & QBI and 179 Limited
Dear ,
We discovered a programming issue in ProSeries for Partnership and S Corporation returns that may have resulted in an incorrect QBI amount.
Returns with:
- Activities that have QBI, Amortization and Section 179, the Section 179 deduction was not included in QBI. This caused an overstatement of QBI on the entity return which was passed on to the K-1 partner/shareholder. This issue may have caused the partner/shareholder to understate their taxable income on the 1040 return, resulting in a tax underpayment.
- Certain conditions can cause an incorrect QBI amount reported on partner/shareholder K-1 when Section 179 is limited. This caused the partner/shareholder K-1 to understate QBI amount and overstate the carryover to the 2019 return. This issue may have caused the partner/shareholder to overstate taxable income on the 1040 return, resulting in an overpayment of tax.
In both scenarios, the affected 2018 Partnership and S Corporation returns will need to be amended and filed, and new K-1s issued/distributed with corrected QBI. Amended K-1 recipients should file amended 2018 Individual returns and include payment for any additional balance due.
The list of your impacted return submission IDs can be accessed by entering your Customer Account Number here: Impacted Clients Lookup
The list of your impacted return submission IDs can be accessed by entering your Customer Account Number here: Impacted Clients Lookup
We apologize for any inconvenience this may cause you. We’re here to help if you have questions; please contact us atProSeriesResponseTeam@intuit.com
Thank you,
Thank you,
Julie Kozloski
ProConnect ProSeries Product Manager
Intuit ProConnect
ProConnect ProSeries Product Manager
Intuit ProConnect
