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Form 7203 availability

lhcpa
Level 2

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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8 Comments 8
IRonMaN
Level 15

Why do you have to extend 1120S returns?  The 7203 is a form that goes with the 1040.


Slava Ukraini!
Just-Lisa-Now-
Level 15
Level 15
Sooo many tax pros are confused about what this form does and where it gets included..
https://www.youtube.com/watch?v=tmzTX007FhI
maybe this will help

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
garman22
Level 13
Level 13

I wonder how hard they will be looking for this form this year? I have a few that went out already. 

IRonMaN
Level 15

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.


Slava Ukraini!
garman22
Level 13
Level 13

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.

garman22
Level 13
Level 13

I guess its a judgement call. Im not looking for someone to tell me what to do.......I just wondered others opinions. 

IRonMaN
Level 15

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.


Slava Ukraini!
garman22
Level 13
Level 13

I tend to agree. If a loss, I would want to think twice on it.