Level 3

Solved

Why won't Pro Series support Form 7203 for S-corps.?

Forum|Forum|4 years ago
January 14, 2022
14 replies
73 views

This form is required if shareholders are claiming a loss from the S-corp. Received a non-dividend distribution from an S-corp., Disposed of Stock in an S-corp. or received a loan repayment form an S-corp.

This is a necessary form all subscribers need to be aware of this new form!

ProSeries Professional

This topic has been closed for replies.

Best answer by ihan

Latest Update:

Form 7203 is now available in ProSeries.

Here's an article on How to complete Form 7203 in ProSeries

[edited]

sjrcpa

Level 15

Do you know for sure that they won't?

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

IRonMaN

Level 15

Maybe another one of those “ready March 17th” forms

Slava Ukraini!

N

nls2022

Level 2

The form is in Proconnect software but not in Proseries. There is no reason it is not available yet in Proseries except they are dragging their feet and causing problems for tax preparers. I can only think that the are trying to get people to upgrade to Proconnect. I think I would rather switch to a different company since they cannot support their Proseries customers.

BobKamman

Level 15

If you've been doing it all along like you're supposed to, without software help, nothing much has changed. Just have to show your work and file it with the return now.

What's New
Form 7203 and its separate
instructions are developed to replace
the 3-part Worksheet for Figuring a
Shareholder’s Stock and Debt Basis
and its related instructions formerly
found in the Shareholder's
Instructions for Schedule K-1 (Form
1120-S).

B

Bill MAuthor

Level 3

Bob you are absolutely right but the form is required by an s Corp shareholder who deducts losses from the s Corp and 3 other situations see instructions for the form.

I do keep basis from inception and for new clients will always try to make sure their basis is correct. Sometimes can’t get all the information but I try.

B

Bill MAuthor

Level 3

Bob I think the 7203 will eventually be required to be filled by the s Corp in the future so the IRS can program their computers and correlate the form to the shareholders. It may take them some time but I think it will happen.

it actually does help to calculate basis very neatly. I have my own form from 30 years ago that I obtained from a seminar that I use sometimes to check the computer and also on excel. Basis and AAA. As they can be different.

I

ihanAnswer

Level 4

Latest Update:

Form 7203 is now available in ProSeries.

Here's an article on How to complete Form 7203 in ProSeries

[edited]

B

Bill MAuthor

Level 3

Excellent news Ihan!!! Thank you for the good news.

S

SPA-CPA

Level 2

The form 7203 if finalized by the IRS and you can obtain the form on their website, so there is no reason why ProSeries should not have this form available.

This is a must for 2021 and is not optional!

IRonMaN

Level 15

And Intuit is feverishly working on it. Well, they are probably working on it. Well, they are going to work on it and get it out ---------------- at some date in the future. Intuit doesn't really like to provided date estimates, because if it is late, they will upset people. Instead, they like to keep folks in the dark and "surprise" them when things are ready. On a scale of 1 to 10 for communication skills, Intuit checks in at about a minus 7.

Slava Ukraini!

C

CDK

Level 2

Pls provide Form 7203 ASAP! Thank you.

S

steve5

Level 5

This form is required and needs to be in the software!

F

Frustrated-in-IL

Level 8

This form is NOT listed under form info for S Corps or individuals:

https://myproconnect.intuit.com/releasedates

Some solid info would be greatly appreciated. Saying Intuit plans to support it and it being under development is meaningless. Will it be available for THIS tax season or not?

To me, the issue is not "if you have been keeping the info all along, it isn't a problem". I have been keeping the info all along and it IS a problem. Do we need to have the "we need to get an extension for your 1040" conversation with our clients? Or should we begin preparing the form manually? Here SPECIFICALLY is the problem. Will IRS accept the return electronically filed with a hand prepared form attached as a pdf OR do we need to mail the entire return in and hope IRS processes the return before next tax season or before the non-filing letters show up (which in some instances they apparently stopped sending)? If anyone has an authoritative answer to that, I would appreciate hearing about it. Given the problems IRS has, I really do not want to paper file any returns.

I would bet this form will be filed with more returns than many of the forms the program supports. This really should be a top priority.

S

steve5

Level 5

I totally agree with you "Frustrated" - 95% of smaller S - Corps take distributions or have losses, therefore the form is REQUIRED.

J

johnm

Level 4

I hate when people mark these as solved.

"I am planning to fix the hole in my roof" does not solve the water gushing into my house.

I have to get my a$$ up there and fix it before it is solved.

S

steviedcpa

Level 3

"we all get it.........well, all get it..........."

IRonMaN

Level 15

The question was "why won't ProSeries support form 7203".

The post marked as solved was "ProSeries is planning to support Form 7203 and it is currently in development"

To me that kinda looks like Bill's question was answered. Just because your question wasn't answered doesn't mean Bill's wasn't. If you start your own post on the subject you can have the freedom to control whether your problem was or wasn't solved. Hopefully that will provide the satisfaction you are looking for.

Slava Ukraini!