Correction to Average Annual Gross Receipts Amount for Small Business Taxpayer

 

If you downloaded the 2019 Instructions for Schedule F (Form 1040) before January 17, 2020, please note a correction on page F-6 under the definition of a Small business taxpayer. For 2019, a small business taxpayer is a taxpayer that has average annual gross receipts of $26 million or less for the 3 prior tax years and is not a tax shelter as defined in section 448(d)(3). A corrected version of 2019 Instructions for Schedule F (Form 1040) is available (PDF).