7203 Ridiculous!!! ( Really make our own decision on what to do)

[michele]

What is everyone doing since Lacerte is not going to support this form. Are you filing the Scorps with

the basis worksheet they have always had and hope they do not get an IRS letter. I find that unacceptable. I do not want to create a fillable pdf and attach it to the returns I do not even know if that is acceptable to the IRS. does the 7203 get included in the electronic format if it was available to us. Phone support just has their standard line this form is not being supported by Lacerte. I asked ok what do we do. Them you will have to make your own decision. Really!!!!!!!!!!!!!!!!!!

[sjrcpa]

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7203 - Intuit Accountants Community

[PhoebeRoberts]

7203 doesn't go with the 1120S. It goes with the 1040.

[michele]

Yes the 7203 goes on the 1040 but the Scorp is suppose to be supplying the shareholder the 7203 and if Lacerte is not supporting the 7203 then does that mean creating a 7203 manual and pdf to the 1040?

[PhoebeRoberts]

S-corps have no obligation to maintain shareholder basis schedules.

I agree with you that this is an issue for 1040s. I personally would rather focus the pressure on getting the 1040 package right than adding non-required features to the 1120S.

[IntuitGabi]

Here is the most recent information about Form 7203 - S Corporation Shareholder Stock and Debt Basis Limitations.