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Do-overs are permitted, but are not mandatory. It presumes you were to “get it right the first time”. Interestingly, the law does not demand that you file an amended return when you discover the return you submitted does not reflect the correct amount of tax.
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Take away: With additional information available today that wasn’t available last year at this time, the determination as to whether your rental activities or small business qualify for the 20% deduction may be different than the position taken on you 2018 return. And if the QBI deduction would have benefited you…you’ll need to file an amended return to claim the benefits of the deduction. (You can read about the final regulations on the 20% QBI deduction here.) More definitive guidance in the form of 248 pages of regulations was published in the Federal Register the first week of February, 2019, evolved and became final toward year-end. Guidance developed throughout last year’s filing season, so a return prepared early in the season may have resulted in a different liability if prepared later in the year. There are currently 59 FAQs related to QBI. To assist interpretation and treatment of the new QBI deduction, on April 11 2019, just 5 days before the normal tax filing deadline, IRS issued 21 additional FAQs to the 12 that existed at that time.
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There was a lot of uncertainty when determining qualification for the deduction while preparing 2018 returns
#Amending 2016 1065 tax return professional#
The QBI deduction was brought to you by the Tax Cuts & Jobs Act (TCJA) signed into law on Decemand effective January 1, 2018. Interpretation of the TCJA and issuance of IRS guidance evolved slowly throughout 2018 and the filing season that followed, causing great frustration to professional tax advisors and those eager to obtain benefits from the new law.