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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

amber1
Level 1
 
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6 Comments 6
IRonMaN
Level 15

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


Slava Ukraini!
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amber1
Level 1

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.

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IRonMaN
Level 15

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


Slava Ukraini!
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Just-Lisa-Now-
Level 15
Level 15

Locking down accepted returns so an update cant change them, is looking like a good plan, even if its another step.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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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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sagarcpa
Level 4

Lisa - Can you remind us how to lock the returns?  I would like to do that for all my other e-filed returns...And go back this summer and make sure the amounts match what was e-filed

Thanks!

 

NEVERMIND!  I found it...

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