personal finance

Refunds from the IRS may go out, but hurdles to complete your return remain


Another filing season hiccup is the fact that accountants have been awaiting the final word on regulations that would affect clients’ 2018 returns.

For instance, small businesses are holding out for the 20 percent qualified business income deduction. It’s a break for so-called pass-through entities, including sole proprietorships and S-corporations.

Accountants are awaiting final regulations from the Treasury on this break to help clients with their 2018 returns. However, the shutdown has slowed down that process.

“I think that deduction applies to more people than we realize,” said Barry Picker, CPA and co-founder of Picker & Auerbach in Brooklyn, New York. “It would be nice to have those final regulations.

“You don’t want to be filing amended returns,” he added.



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