Form 8697 should be added to your software because anyone who is an owner in a construction company that reports income on the percentage of completion method or completed contract method will have to deal with the look-back period interest for contracts that span two or more years. We have clients that have to deal with this issue and not having Form 8697 supported by ProSeries causes the ineligibility for the federal tax return to be filed electronically and therefore certain states can no longer be filed electronically. We can't imagine that this is not a wide-spread issue -- there are many individuals who have this issue -- there are many construction companies who have long-term construction contracts.
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It is already in ProSeries Pro, at least in 1120S. Not sure about other entities, but if in 1120S it may be. On page 1 of 1120S, just under line 2 is an additional taxes work sheet line B for the 8697
I believe the OP is asking for it to be included in the 1040 forms, and I agree. Being forced to paper file the returns for an owner of Construction company is really unfortunate, especially now (in 2022) with the IRS backlog. My clients think I should change software providers.
Thanks for the idea. We are changing the status to "Open for voting" since it has been around for over 30 days and no longer considered "New". If you have any questions on the life cycle of an idea, check out our Idea Getting Started Guide for more information.
