Anyone holding S-Corp returns pending update on Form 7203?

Forum|Forum|4 years ago
February 7, 2022
2 replies
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I've spoken to a few CPA's who are not filing any S-Corp returns until more comes out on Form 7203. Curious to see other takes out there. If form 7203 is filed with the shareholder's 1040, and we have a good basis statement, is there really a reason to delay?

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dascpa

Level 11

Form 7203 is at the shareholder level so there would be no reason to hold up on filing S corp returns. 7203 may require us to go back into corp records to help shareholders complete the form.

But I'm curious, I've heard from other preparers they're ignoring the 7203 and filing with a shareholder basis form (their own or ProSeries). Any opinions here?

IRonMaN

Level 15

"But I'm curious, I've heard from other preparers they're ignoring the 7203 and filing with a shareholder basis form (their own or ProSeries). Any opinions here?"

I think it depends on the outcome. If there is a balance due, the temptation is to say "screw it" and file. If there is a refund, probably not going to take the chance of sending that return to purgatory.

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