Submitted by jim1149 on 10-05-2020 12:10 PM
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.
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.