S-Corporation Basis and Form 7203

Basis in an S-Corporation impacts items such as tax ability (or not) of distributions, and deductibility (or not) of corporate losses on personal tax returns. To make this declarations, shareholders must use Form 7203 on individual tax returns. 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.