Master Form 7203 S Corp Basis for Form 1040
10:00 AM to 12:00 PM
Cost: Member: $40 / Non-Member: $70
Wednesday, May 18, 2022

Speaker: Jane Ryder, EA, CPA
2 Federal Update Hours
CTEC: 1000-CE-5045
IRS: 18QC1-U-01638-22-O

Location:

Online Meeting via Zoom
This will be Zoom Meeting. Once you register and pay, the Zoom link will be provided in your confirmation email for you to log in at the designated meeting time. Zoom does require registration before entering the meeting.

Description: 

This course will review the filing requirements for Form 7203, including all of the latest IRS guidance and instructions for these forms.  Form 7203, new for 2021, is required to be filed with Form 1040 for most individual taxpayers with an S corp K-1. We'll review preparation of this form along with how to calculate stock basis, loan basis, and basis ordering. We'll also walk through sample forms and discuss when each section may be required. Also, what to do if your software hasn't supported the new form yet, plus reporting S corp losses limited by basis. 

Learning Objectives:

1. Learn the latest filing requirements for Form 7203, and 2021 relief offered by the IRS.
2. Receive sample Form 7203 with detailed calculations for stock and loan basis.
3. Understand the tax preparer's obligations for filing the new Form 7203 for S corp shareholders.
4. Discover other potential exposure issues with Form 7203, possible basis errors, loss limitations and more.
5. Determine the S Corp preparer's limitations and possible exposure when issuing basis statements with K1s.

Presenter:

Jane Ryder, EA, CPA
Jane Ryder, EA, CPA has been providing tax preparation, accounting services, and tax collection resolution services since 1980. She runs her San Diego CPA firm and writes and speaks on many income tax, business compliance and accounting topics. Jane has a business centric practice, preparing and consulting on tax, accounting, and compliance matters for Corporations, S-corporations, LLC’s, Partnerships, and Trusts. She also specializes in IRS and state agencies collection problems, payment plans, audit representation, audit appeals, offers in compromise, and other compliance related issues. She earned a BS in Business Administration (Accounting) from SDSU and is currently licensed with the California State Board of Accountancy and admitted to practice before the the Internal Revenue Service as an Enrolled Agent.

Cancellation and Refund Policy for Meeting Purchase:
Written webinar cancellations will be accepted up to three (3) business days before the course begins for a full refund. Please email your request to [email protected]. No refunds will be given if cancellation notice is received later than three (3) business days before the course begins, or for no-show registrants.

This presentation has been designed to meet the requirements of the Return Preparer Office, the California State Board of Accountancy; and the California Tax Education Council including code 31 of Federal Regulations10.6 (g). This does not constitute an endorsement by these groups. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA. 95812- 2890, or phone CTEC at (877) 850-2832, or on the Internet at www.ctec.org.