Form 7203 S-Corporation Basis Reporting

Jason Dinesen
From: Jul 07, 2023 - To: Dec 31, 2023
Recorded Webinar
  

Description

Form 7203 is a new reporting form on individual tax returns, for shareholders of S-corporations. Shareholders need to file this form in most situations, to report their basis in the corporation. Basis impacts items such as taxability (or not) of distributions, and deductibility (or not) of corporate losses on the personal tax return. At its most basic level, the basis is straightforward enough to calculate, but one can quickly get into the weeds. This webinar will cover what the basis is, how it's calculated, and how to fill out Form 7203.

Areas Covered:-

  • What is the S-corporation basis?
  • How does it differ from a partnership basis?
  • Increases to basis
  • Decreases to basis
  • Reporting taxability of distributions
  • Dealing with shareholder loans
  • When Form 7203 is required
  • How to fill out Form 7203

Why You Should Attend:-

In 2019 the IRS announced that it would increase scrutiny of basis issues, in particular distributions in excess of basis, and losses claimed in excess of basis. If Form 7203 is not filled out, or is filled out improperly, the IRS will disallow losses and assert that distributions are taxable. Avoid complications with the IRS by learning about the S-corporation basis and Form 7203 in this webinar.

Who Will Benefit:-

  • CPAs
  • Enrolled Agents
  • Tax Professionals
  • Bookkeepers
  • HR Professionals
  • Business owners

Training Options

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Recording
   $209  

Transcript (Pdf)
   $209  

DVD
   $229  

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