TaxGuyBill
Level 15

@Harvest wrote:

Also, I just discovered that at in February 2019 the IRS posted a clarification that basis statements are required if an S Corp shareholder reports a loss, receives a distribution, disposes of stock, or receives a loan repayment. Since most all shareholders receive distributions, this means a basis statement is almost always required.


 

Oops, I missed that one.  Thankfully, I only have one client affected, and he still hasn't given me information for 2019 yet.  Sigh.  Thank you.

Yeah, Intuit is severely negligent in this regards.  

The worksheet in the corporate ProSeries is probably fine, but you may consider just manually using the worksheet in the Instructions.

https://www.irs.gov/pub/irs-pdf/i1120ssk.pdf#page=4