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IRS fixes error in Schedule D tax worksheet for Forms 1040 and 1041

The Internal Revenue Service (IRS) reported an error in their Schedule D tax worksheet calculations for Forms 1040 and 1041.

Instead of taxing capital gains at the lower 2018 tax rates under the Tax Cuts and Jobs Act, the worksheet was taxing at their minimum rates of 25% or 28%.

If you downloaded Schedule D instructions before May 16, 2019, you should download them again. The revised instructions can be found here. All returns filed after May 15 should reflect the new calculation.

The IRS is reviewing returns submitted prior to May 16; affected taxpayers do not need to file an amended return or call the IRS.

Rehmann is reviewing clients affected by this error and will be in contact as neccessary.

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