Here Is All You Need To Know About the New IRS Form 7203

OVERVIEW

Form 7203 and its independent instructions are designed to replace the three-part Worksheet for Figuring a Shareholder's Stock and Debt Basis and its related instructions that were formerly included in the Shareholder's Instructions for Schedule K-1 (Form 1120-S).

While the S corporation's basis calculations remain intact, the new form demands additional information to substantiate and justify the basis computations. As the form deals with S company stock and debt basis, some observers are under the impression that it is filed with the 1120S business return. Nonetheless, the form will be included in a shareholder's income tax return if any of the following are true of the S corporation:

The shareholder sells his/her shares of stock during the tax year.
The shareholder receives a payout from the S corporation.
The shareholder receives a loan payback from the S corporation during the tax year.
The shareholder claims a loss-related deduction.

WHY SHOULD YOU ATTEND?

Form 7203 is the new reporting form required by the IRS to show a shareholder basis in an S-corporation. This new form must be filed on the personal tax return (Form 1040) of most shareholders, starting with 2021 returns.

LEARNING OBJECTIVES

To define what basis is.
To review when the 7203 Form must be filed.
To analyse the steps in calculating the basis of an S-corporation.
To analyse how the S-corporation basis differs from the partnership basis.
To differentiate types of loans from shareholders and those loans affect the basis.
To identify whose responsibility, it is to track basis - it's not the entity's responsibility.
To discuss options for reconstructing the basis, if prior information doesn't exist or is unreliable.

WHO WILL BENEFIT?

Accountant
Bookkeeper
Bookkeepers & Accountants & Tax Preparers
California Registered Tax Professional
Certified Public Accountant (CPA)
CPA - Large Firm
CPA - Mid Size Firm
CPA - Small Firm
Maryland Tax Preparers
Oregon Tax Preparers
Tax Firm
Tax Preparer
Tax Professionals
Tax Pros
Young CPA
EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and other Tax Professionals who want to understand everything about the new Form 7203

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Jason Dinesen

Tax Expert

About speaker

Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses. Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community.

Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more. He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.

He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics.
Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa.
Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 4 cats and 2 dogs. His other hobbies include being a season ticket holder to University of Iowa football.