S-Corp Basis & Form 7203

Program Description: This course will review the filing requirements for Form 7203, including all of the latest IRS guidance and instructions for these forms.  Form 7203, new for 2021, is required to be filed with Form 1040 for most individual taxpayers with an S corp K-1. We'll review preparation of this form along with how to calculate stock basis, loan basis, and basis ordering. We'll also walk through sample forms and discuss when each section may be required. Also, what to do if your software hasn't supported the new form yet, plus reporting S corp losses limited by basis. 

Learning Objectives:

1. Learn the latest filing requirements for Form 7203, and 2021 relief offered by the IRS.

2. Receive sample Form 7203 with detailed calculations for stock and loan basis.

3. Understand the tax preparer's obligations for filing the new Form 7203 for S corp shareholders.

4. Discover other potential…