FORM 7203

Forum|Forum|4 years ago
January 31, 2022
3 replies
9 views

WHY IS LACERTE NOT SUPPORTING FORM 7203? THIS IS A MANDATORY FORM THAT NEEDS TO BE FILED WITH OUR FLOW THROUGH RETURNS. WE HAVE CONTINUED TO USE LACERTE FOR MORE THAN 20 YEARS BECAUSE IT MEETS ALL OF OUR NEEDS. THIS COULD BE THE REASON WHY WE DON'T RENEW NEXT YEAR. STEP UP INTUIT.

This topic has been closed for replies.

sjrcpa

Level 15

@lori10 Did you type this again?

Or did the PTB decide to undelete it?

The more I know the more I don’t know.

L

lori10Author

Level 2

I did not type it again.

sjrcpa

Level 15

Interesting.

The more I know the more I don’t know.

H

holzzucker

Level 2

Just got off phone with Lacerte reps - the first told me they weren't supporting Form 7203 and I could download the form, fill it out, and attach to return as a pdf - are they crazy?

The second didn't know about the form and passed it up the chain of command....................

This is just crazy........it is a required IRS form that must be supported by Lacerte.

Does anyone know if they are working on this because I'm not getting a straight answer?

M

michele

Level 6

They told me the same thing it will not be supported this year. With the large client base this is totally unacceptable. They say there are no refunds being issued if you go with another program like Ultra Tax which I understand is offering it. I can’t imagine converting 2000 clients when tax year has already started.

ugh not happy to say the least. I guess they don’t understand the mistakes that can be made by doing a manual entry then pdf Not to say the amount of hours this will add to my own payroll. And time lost doing this.

A

Anonymous

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

M

michele

Level 6

Not to be mean but we all understand that lacerte has a basis worksheet and has provided us that information but when the Irs says use form 7203 we need guidance that we can just ignore what they are requiring and say this is what is Lacerte is offering so it is good enough. No one wants their clients to receive letters from the IRS. and none of us wants to incur penalties or a reprimand for not doing what is required of us. I missed the email. Can you forward to me the notice I got from Lacerte that this was not going to be included this year. I might have started taking measures sooner rather than later to fulfill requirements.

Thank you

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