Abby Normal Posted March 30, 2018 Report Share Posted March 30, 2018 I hope someone warned support! Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 30, 2018 Author Report Share Posted March 30, 2018 Aaaaaaaaaaaand they just switched it back. It was fun while it lasted. 2 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted April 1, 2018 Author Report Share Posted April 1, 2018 In an upcoming release this will become a permanent change. The IRS is requiring proof of the basis calculation going forward. They want to see a PDF attached of the basis calculation for all S Corp interests. https://community.atxinc.com/forums/permalink/261706/261703/ShowThread.aspx#261703 Me: About. Damn. Time. Over the years I've gotten many S corp returns where the prior preparers were deducting losses in excess of basis, and not showing distributions in excess of basis as capital gains. Also, will be nice to have finally basis calcs for K1s from other preparers and for new S corp clients, although I won't really trust the calcs. 3 Quote Link to comment Share on other sites More sharing options...
BHoffman Posted April 1, 2018 Report Share Posted April 1, 2018 Is there a link to IRS regarding when we are required to attach the basis calculation? Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted April 1, 2018 Author Report Share Posted April 1, 2018 Not that I know of and doubtful that it exists. This was communicated by the IRS to ATX and shared by an ATX employee on the official forum. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.