Abby Normal Posted March 30, 2018 Author Report Posted March 30, 2018 Aaaaaaaaaaaand they just switched it back. It was fun while it lasted. 2 Quote
Abby Normal Posted April 1, 2018 Author Report 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
BHoffman Posted April 1, 2018 Report Posted April 1, 2018 Is there a link to IRS regarding when we are required to attach the basis calculation? Quote
Abby Normal Posted April 1, 2018 Author Report 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
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