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7203 S-Corporation Basis Reporting
- What is S-corporation basis?
- How does it differ from partnership basis?
- Increases to basis
- Decreases to basis
- Reporting taxability of distributions
- Dealing with shareholder loans
- When Form 7203 is required
- How to fill out Form 7203
Overview of the webinar
In 2019 the IRS announced that it would increase scrutiny of basis issues, in particular distributions in excess of basis, and losses claimed in excess of basis. If Form 7203 is not filled out, or is filled out improperly, the IRS will disallow losses and assert that distributions are taxable. Avoid complications with the IRS by learning about S-corporation basis and Form 7203 in this webinar.
Form 7203 is a new reporting form on individual tax returns, for shareholders of S-corporations. Shareholders need to file this form in most situations, to report their basis in the corporation. Basis impacts items such as taxability (or not) of distributions, and deductibility (or not) of corporate losses on the personal tax return. At its most basic level, basis is straightforward enough to calculate, but one can quickly get into the weeds. This webinar will cover what basis is, how it's calculated, and how to fill out Form 7203.
Who should attend?
- CPAs
- Enrolled Agents
- Tax Professionals
- Bookkeepers
- HR Professionals
- Business Owners
Why should you attend?
Form 7203 is a new reporting form on individual tax returns, for shareholders of S-corporations. Shareholders need to file this form in most situations, to report their basis in the corporation. Basis impacts items such as taxability (or not) of distributions, and deductibility (or not) of corporate losses on the personal tax return. At its most basic level, basis is straightforward enough to calculate, but one can quickly get into the weeds. This webinar will cover what basis is, how it's calculated, and how to fill out Form 7203.
Faculty - Mr.Jason Dinesen
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 credits, corporation and partnership taxation and other issues relating to the modern-day setting.
Jason always had a knack for speaking and news reporting. He is regularly featured as an anchor for Radio Iowa and Radio Minnesota, is a frequent Podcast Guest and hosts his own Podcast.