Preparing New IRS Form 7203: S Corp Shareholder Stock Basis, Debt Basis & More 1 Credit
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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.Â
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:
Join this CE Tax Webinar by Jason Dinesen to discuss what the basis is, how to calculate it, and how to use Form 7203.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01298-22-O) | 1 CE | Approved |
| Federal Tax Law Update for Annual Filing Season Program (AFSP) | 1 CE | Approved |
| Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1041) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01298-22-O) | 1 CE | Approved |
| Federal Tax Law Update for LTC (Approval No. GEHNZ-U-01298-22-O) | 1 CE | Eligible |
| Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01298-22-O) | 1 CE | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01298-22-O) | 1 CE | Approved |
| Federal Tax Law Update for Annual Filing Season Program (AFSP) | 1 CE | Approved |
| Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1041) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01298-22-O) | 1 CE | Approved |
| Federal Tax Law Update for LTC (Approval No. GEHNZ-U-01298-22-O) | 1 CE | Eligible |
| Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01298-22-O) | 1 CE | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. Dinesen is a regular CPE Presenter at MYCPE ONE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics. Jason has developed a strong following within the professional community for tax-related subjects. Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.
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How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
SJ
I worked at the IRS for 18 years where I conducted audits, taught tax law classes, and trained/supervised auditors. I usually have a firm grasp of tax law concepts on most continuing education courses I take. However, I learned several things that I've either forgotten or never fully knew during this short course that I made notes to employ in my business. This was a very helpful course.
NEG
Great CPE Platform, However, none of my questions ever get answered, most of the time, an automatic reply appears, that the instructor will answer you through an email during the following 24-48 hours, but never did.
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