The new basis statement for S-Corps did not carryover basis correctly. For clients we have already filed or started working on, their addl paid in capital is missing now

Forum|Forum|4 years ago
March 9, 2022
6 replies
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IRonMaN

Level 15

The software isn't all knowing, sometimes you have to add some additional information to make it work.

Slava Ukraini!

A

amber1Author

Level 2

We had already entered the paid in capital and the basis statements were correct. However, under the new update that happened today, the information has now disappeared on the updated/revised basis statement forms. That means for every business we have already entered information for in 2021, each return now needs to be gone back through and reentered.

IRonMaN

Level 15

That sucks. I know the recent update caused some chaos for those types of returns.

Slava Ukraini!

S

sagarcpa

Level 4

Agreed! A return I finished last week and just opened to e-file had a bunch of errors in the return. Turns out it was the new Sh Basis Wks. It is expanded and great but not what I need to deal with the last week of filing Corporate returns...The carryforward of prior losses was not there and had to be entered manually to match the pdf basis worksheet I saved when I finished the return... A heads up by Intuit that a major change to a calculated form should have been announced with an alert!

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