IRS Announces Another Change to 2018 Tax Returns!

On May 16, 2019, IRS reported that they have found an error in the 2018 version of the Schedule D Tax Worksheet that they released to the tax software community in January of this year. As such, capital gains of some taxpayers were not taxed at the correct tax rate. IRS is stating that they are reviewing all returns filed prior to May 16th to determine if any corrections are needed and will issue the applicable notice and/or refund. Current guidance to taxpayers is to wait and not file an amended return.