lhcpa
Level 2
‎02-08-2022 06:45 PM

I am not happy that Form 7203 will not be final until March 31. That means every 1120-S will have to be extended. ALL S-Corp shareholders take distributions so every return will have a Form 7203. 

ProSeries --- Look at the calendar and move this up the priority list so that the Form is available no later than March 1. 

 

0 Cheers
IRonMaN
Level 15
‎02-08-2022 06:50 PM

Why do you have to extend 1120S returns?  The 7203 is a form that goes with the 1040.


Slava Ukraini!
Just-Lisa-Now-
Level 15
Level 15
‎02-08-2022 06:54 PM
Sooo many tax pros are confused about what this form does and where it gets included..
https://www.youtube.com/watch?v=tmzTX007FhI
maybe this will help

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
garman22
Level 13
Level 13
‎02-08-2022 07:34 PM

I wonder how hard they will be looking for this form this year? I have a few that went out already. 

IRonMaN
Level 15
‎02-08-2022 07:42 PM

Someone brought up the point yesterday about how there was some discussion between some tax preparers on how big of a deal it is or isn't not to send it along this year.  I'm guessing the odds become bigger the bigger the refund is.


Slava Ukraini!
garman22
Level 13
Level 13
‎02-08-2022 07:56 PM

hmmm...i can understand that one. The one that went out for me had a bigger than average refund but has massive profits yearly but they DO withdraw most of those profits out on non-div distributions/draws. The have positive basis. 

The rest including me do not have large refunds.

garman22
Level 13
Level 13
‎02-08-2022 07:58 PM

I guess its a judgement call. Im not looking for someone to tell me what to do.......I just wondered others opinions. 

IRonMaN
Level 15
‎02-08-2022 08:04 PM

I'm guessing they will be issuing a lot of get out of free jail cards for 2021 so I wouldn't lose a lot of sleep over it.


Slava Ukraini!
garman22
Level 13
Level 13
‎02-08-2022 08:05 PM

I tend to agree. If a loss, I would want to think twice on it.