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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- 7203 not a pain the a@@. It is a good tool
7203 not a pain the a@@. It is a good tool
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Strongsilence-C
Level 10
03-08-2022
10:32 AM
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I like the new Form 7203. It will force taxpayers to pay more attention to the quality of their corporate books.
The IRS instructions w/r//t Debt Basis say to include only loans made personally. I don't deal a lot with this issue but this instruction seems incomplete as there could be debts that have basis such as recourse or with (some) loans with personal guarantees.
Is anyone here billing more for your time spent on this form?
I do Value billing and I'm going to bill more, roughly 25% of last year's bill. I can justify this by educating my client about basis and its importance.
I'm happy with it thus far.😍
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TaxGuyBill
Level 15
03-08-2022
10:54 AM
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As Susan said, the shareholder only gets Basis when they have actually paid an amount from that debt. Merely being a guarantor does not give Basis.
P. S. I really hate words that have a "ua"; I always spell them incorrectly. 🤣
