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Why won't Pro Series support Form 7203 for S-corps.?

Bill M
Level 2

This form is required if shareholders are claiming a loss from the S-corp. Received a non-dividend distribution from an S-corp., Disposed of Stock in an S-corp. or received a loan repayment form an S-corp.

This is a necessary form all subscribers need to be aware of this new form!

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ihan
Employee
Employee

ProSeries is planning to support Form 7203 and it is currently in development.

View solution in original post

16 Replies 16
sjrcpa
Level 15

Do you know for sure that they won't?

 


ex-AllStar
IRonMaN
Level 15

Maybe another one of those “ready March 17th” forms


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Bill M
Level 2

They say on the website they won’t. 

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TaxGuyBill
Level 15

Could you please point out where it says that?

Bill M
Level 2

Tax guy bill just do a search for the form it will pop up they will not support it. The form will be required by s Corp shareholders who deduct losses from the s Corp and 3 other situations. Look at the instructions for the form.

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TaxGuyBill
Level 15

@Bill M wrote:

Tax guy bill just do a search for the form it will pop up they will not support it.


 

LOL.  I did a post about that, but forgot about it.

However, I was only pointing out the article that was supposedly "updated".  The article says it does not support Basis limitations, but that article was written years ago (before Form 7203).  Although they supposedly "updated" the article, it is common for those articles to not REALLY be updated.

So I am HOPING that article was wrong.

  @IntuitGabiU had never responded to that post, so perhaps she or @IntuitBettyJo or @Angela_13  may be able to let us know if the required Form 7203 will be included in the software.

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/proseries-won-t-support...

 

 

BobKamman
Level 15

If you've been doing it all along like you're supposed to, without software help, nothing much has changed.  Just have to show your work and file it with the return now. 

What's New
Form 7203 and its separate
instructions are developed to replace
the 3-part Worksheet for Figuring a
Shareholder’s Stock and Debt Basis
and its related instructions formerly
found in the Shareholder's
Instructions for Schedule K-1 (Form
1120-S).

Bill M
Level 2

Bob you are absolutely right but the form is required by an s Corp shareholder who deducts losses from the s Corp and 3 other situations see instructions for the form. 

I do keep basis from inception and for new clients will always try to make sure their basis is correct. Sometimes can’t get all the information but I try. 

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Bill M
Level 2

Bob I think the 7203 will eventually be required to be filled by the s Corp in the future so the IRS can program their computers and correlate the form to the shareholders. It may take them some time but I think it will happen. 

it actually does help to calculate basis very neatly. I have my own form from 30 years ago that I obtained from a seminar that I use sometimes to check the computer and also on excel. Basis and AAA. As they can be different. 

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ihan
Employee
Employee

ProSeries is planning to support Form 7203 and it is currently in development.

View solution in original post

Bill M
Level 2

Excellent news Ihan!!! Thank you for the good news. 

lweav
Level 3

Can we ask in what timeframe?

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TaxGuyBill
Level 15

@lweav wrote:

Can we ask in what timeframe?


 

There is a different form that has been in the software for years, and the IRS has already finalized that form, and Intuit says they won't have that form won't be ready until March 17.

So based on that, and the fact that 7203 is a new form and the IRS has not finalized it, I suspect Intuit may have Form 7203 ready around August.

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SPA-CPA
Level 1

The form 7203 if finalized by the IRS and you can obtain the form on their website, so there is no reason why ProSeries should not have this form available.

This is a must for 2021 and is not optional!

 

 

IRonMaN
Level 15

And Intuit is feverishly working on it.  Well, they are probably working on it.  Well, they are going to work on it and get it out ---------------- at some date in the future.  Intuit doesn't really like to provided date estimates, because if it is late, they will upset people.  Instead, they like to keep folks in the dark and "surprise" them when things are ready.  On a scale of 1 to 10 for communication skills, Intuit checks in at about a minus 7.


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CDK
Level 1

Pls provide Form 7203 ASAP!  Thank you.

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