I am not happy that Form 7203 will not be final until March 31. That means every 1120-S will have to be extended. ALL S-Corp shareholders take distributions so every return will have a Form 7203.
ProSeries --- Look at the calendar and move this up the priority list so that the Form is available no later than March 1.
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Why do you have to extend 1120S returns? The 7203 is a form that goes with the 1040.
I wonder how hard they will be looking for this form this year? I have a few that went out already.
Someone brought up the point yesterday about how there was some discussion between some tax preparers on how big of a deal it is or isn't not to send it along this year. I'm guessing the odds become bigger the bigger the refund is.
hmmm...i can understand that one. The one that went out for me had a bigger than average refund but has massive profits yearly but they DO withdraw most of those profits out on non-div distributions/draws. The have positive basis.
The rest including me do not have large refunds.
I guess its a judgement call. Im not looking for someone to tell me what to do.......I just wondered others opinions.
I'm guessing they will be issuing a lot of get out of free jail cards for 2021 so I wouldn't lose a lot of sleep over it.
I tend to agree. If a loss, I would want to think twice on it.
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