Form 8995

[Remain Calm]

anyone having issues with form 8995 not being released?

[itonewbie]

I think that's everybody.  The IRS has not yet released the final form or instructions - both are still in draft.

It is scheduled to be released on Feb 3, 2020 for Lacerte/PTO.

[Remain Calm]

do you know if the IRS keeps an updated site that states forms and updates on forms that havent been released? appreciate your help on the subject!

[itonewbie]

Glad you asked.  Now that you have me take a second look, the form was actually published by the IRS on Dec 30 and the instructions only on Jan 23.

That explains why the form is not ready in ProConnect tax products yet (tentatively until Feb 3 for Lacerte/PTO) because Intuit still needs to complete their development based on the final release and submit it to the IRS for approval.

Here's the website you asked for: https://apps.irs.gov/app/picklist/list/formsPublications.html;jsessionid=sKcO-ehZN5xYilv77J1Jn7yc.20...

[Remain Calm]

thank for your help!

[itonewbie]

No problem 😊

[saxoncpa]

Form 8995-A is final by the IRS. Intuit just has not given it priority and keeps pushing the date back. First it was Feb 5, then Feb 12, now its Feb 20th.  I got a client who is ready to file except for the 8995-A not being ready. Since this client gets a $5700 REFUND, I am catching all kinds of client for not getting the return filed.

All told I have seven tax returns that have been done for weeks thatI can't file because of this form. And they all get refunds. I'm not exactly loved by my clients right now. This kind of stuff - delays in forms has cost me clients in past years. Looks like it is going to cost me again.

Maybe someday Inuit will care about its customer base again instead of just how muc hprofit it can make.

[davenpae]

Lacerte is picking up Income AFTER the QBI deduction on Line 33 rather than before QBI, as the instruction says.  This limits the allowable amount to zero in some cases. Line 34 on Form 8995-A is also incorrect on all returns. Looks like Total income rather than capital gain.

[itonewbie]

@davenpae This is an old post.  If you have any problem with this year's version of the form, please open a new thread of your own.