Welcome back! Ask questions, get answers, and join our large community of tax professionals.

Please add Form 8697 "Interest Computation Under the Look-Back Method for Completed Long-Term Contracts"

cancel
Showing results for 
Search instead for 
Did you mean: 

Please add Form 8697 "Interest Computation Under the Look-Back Method for Completed Long-Term Contracts"

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.

Status: New
Vote now if this is a good idea
2 Comments
Level 11
Level 11

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

Level 11
Level 11

It is also in 1065 page 1, line 23

Post comment