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 exposure issues with Form 7203, possible basis errors, loss limitations and more. 

Program Numbers:

IRS: WZA09-T-03247-22-I; 3 hours Federal Tax Law Topics

CTEC: 1001-CE-9730; 3 hours Federal Tax Law Topics

Cost:

Members - $55

Non-Members - $65

About the Speaker:

Jane Ryder, EA, CPA has been providing tax preparation, accounting services, and tax collection resolution services since 1980. She runs her San Diego CPA firm, Brass Tax Ryder Professional Group, Inc., and writes and speaks on many income tax, business compliance and accounting topics. She received a BS in Business Administration (Accounting) from SDSU and is currently licensed with the California State Board of Accountancy and with the Internal Revenue Service as an Enrolled Agent.