No 7203 In ProConnect?

Forum|Forum|4 years ago
February 1, 2022
2 replies
18 views

https://proconnect.intuit.com/community/schedule-k-1/help/entering-s-corporation-shareholder-basis-worksheet-on-schedule-k/00/192671

This was just updated, and says that ProConnect will NOT have 7203.

WHAT?!

Secondly, it says to attach a Basis statement. Is there ANY indication from the IRS that the form is optional, and that we can just use our own version?

ProConnect Tax

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George4Tacks

Level 15

Excellent question. The new company statement is not very clear that they are not just throwing all their clients to the wolves. I wonder what IRS LTR number will cover the "We did not receive the required now IRS 7203 and we are gonna come get you."

My GUESS is that since the form is still in draft format, we are off the hook, but we all know how to read the word ASSUME.

Answers are easy. Questions are hard!