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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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- Option to FORCE IRS Form 7203
Option to FORCE IRS Form 7203
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merck3630
Level 2
03-06-2022
08:28 PM
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The updated "Federal Basis Limitation Worksheet" has been shortened and is no longer an acceptable version of the Basis Limitation Worksheet. I assume Lacerte did this because of the new IRS Form 7203. Unfortunately, this IRS Form 7203 is not required for all S-corps; however, the complete worksheet or equivalent IRS Form 7203 is still required for yearly record keeping. PLEASE UPDATE LACERTE TO ALLOW FORCING IRS FORM 7203.
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merck3630
Level 2
03-13-2022
05:11 PM
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Other items that increase stock basis, I added "Force Inclusion of Form 7203 for record keeping = $1".
Other items that decrease stock basis, I added "Force Inclusion of Form 7203 for record keeping = $1".
This is not the way to make this work, but a reasonable workaround until a fix is found and published.
