Form 7203

[ILLMAS]

Has anybody submitted a return with a draft copy of form 7203?

[Abby Normal]

Not I, but others on other forums report filing some. Does anyone really believe that someone opens up attachments to efiles at the IRS? You could attach any PDF and it will be fine.

[G2R]

I was wondering about this too.  I do plan to attach it.  I prepare many NY returns and CT-399 is a PDF attached requirement too so I'm used to the extra legwork. 

On a separate note, it would be nice if ATX pulled the Shareholder basis stmt info from the 1120S return to the 7203 during the K-1 import.  Probably a big ask, but it would be nice since it's pulling the K-1 data anyway. 

[BulldogTom]

I am going to if they don't finalize it soon.

Tom
Longview, TX

[ILLMAS]

2 hours ago, BulldogTom said:

I am going to if they don't finalize it soon.

Tom
Longview, TX

Form was ready in ATX yesterday as of 5pm central time.

[Lee B]

"Due to these challenges, the Treasury Department and the IRS intend to issue a notice providing penalty relief for qualifying farmers and fishermen filing Forms 7203 if they electronically file their 2021 tax return and pay in full any tax due by April 18, 2022, or by April 19, 2022, for those qualifying farmers and fishermen who live in Maine or Massachusetts.
 
Farmers and fishermen who filed their returns by the March 1 deadline are unaffected by this news release."

[Randall]

On 2/22/2022 at 6:48 AM, G2R said:

On a separate note, it would be nice if ATX pulled the Shareholder basis stmt info from the 1120S return to the 7203 during the K-1 import.  Probably a big ask, but it would be nice since it's pulling the K-1 data anyway. 

I just did this for an S corp.  Only one shareholder.  The 7203 info was imported and I double checked it with the Basis Statement in the 1120S.  I attached it as a pdf.  Haven't efiled it yet.  Working on the shareholder 1040 now.  I don't know if this was from a recent ATX update or not.

 

[G2R]

On 3/4/2022 at 5:58 AM, Randall said:

I just did this for an S corp.  Only one shareholder.  The 7203 info was imported and I double checked it with the Basis Statement in the 1120S.  I attached it as a pdf.  Haven't efiled it yet.  Working on the shareholder 1040 now.  I don't know if this was from a recent ATX update or not.

 

Nice.  I haven't seen this yet, but I am very happy to hear ATX did this.  

[Edauditor]

I was working with last return and couldn't eFile it because form 7203 gives an error and can't creates the electronic filing there is NO way to modify or edit the form except create a pdf file and upload it. Didn't WORK software error it cost my client penalty for not filing. Any ideas or comments?

[BulldogTom]

First Time Abatement of the penalty?

Tom
Longview, TX

[MlauberCPA]

On 3/4/2022 at 5:58 AM, Randall said:

pdf.  Haven't efiled it yet.  Working on the shareholder 1040

O

[MlauberCPA]

Form 7203 doesn’t have any input fields or am I not looking in the right place. ATX has the form but earlier in the year I had to complete it externally and upload a PDF. Is it now a functional form?  Need to know ASAP for 10/17 filing. Thanks . 

[G2R]

1 hour ago, MlauberCPA said:

Form 7203 doesn’t have any input fields or am I not looking in the right place. ATX has the form but earlier in the year I had to complete it externally and upload a PDF. Is it now a functional form?  Need to know ASAP for 10/17 filing. Thanks . 

Input field is at the bottom of the K-1 input under the Basis Limitation section. It still needs to be attached as a PDF before efiling. 

[MlauberCPA]

Thanks so much!!

[akolek]

Error on 1040 Form 7203 to be attached as a PDF for one return, no error on different return with same forms