No 7203 In ProConnect?

[TaxGuyBill]

https://proconnect.intuit.com/community/schedule-k-1/help/entering-s-corporation-shareholder-basis-w...

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?

[George4Tacks]

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. 

[TaxGuyBill]

The non-draft version is now available.

https://www.irs.gov/pub/irs-pdf/f7203.pdf

https://www.irs.gov/instructions/i7203

[IRonMaN]

https://proconnect.intuit.com/community/lacerte-tax-idea-exchange/7203/idi-p/192171

Check out Phoebe's conspiracy theory.

[TaxGuyBill]

I missed that one (I've been ignoring many of the 7203 and 8915 posts) and I didn't realize that they say it won't be in Lacerte either.

Wow.  Just WOW.

[TaxGuyBill]

Oh, but it missed that the one for Lacerte doesn't actually say it won't be in the 1040, so I guess that is still open to interpretation for Lacerte.

[IntuitGabi]

Here's the most recent information about Form 7203 - S Corporation Shareholder Stock and Debt Basis Limitations.