Description:

Review latest filing compliance for Form 7203, required for most individuals receiving an S corp K-1. We’ll review preparation of this form plus how to calculate stock basis, loan basis, the basis ordering rules, plus reporting carryover S corp losses and other deductions limited by basis. Also, correcting or reconstructing basis plus potential basis adjustments needed related to COVID benefits; ERTC & PPP Loans.

Learning Objectives:

• Learn the latest filing requirements for Form 7203 and errors on the 2022 form.
• Review how to prepare Form 7203 and specific instructions for each section.
• Receive sample Form 7203 with detailed calculations for stock and loan basis.
• Understand the tax preparer’s obligations for filing the new Form 7203 for S corp shareholders.
• Discover other potential exposure issues with Form 7203 plus substantial possible COVID basis errors.

Who should attend?

• CPAs, EAs, tax return preparers, accountants, and tax professionals