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If your practice prepares S corp K-1s, Form 7203 is no longer optional paperwork. It's a required attachment for most individual shareholders, and getting it wrong can mean missed loss deductions, IRS notices, or worse, missed exposure for your clients. We'll cover how to calculate stock basis and loan basis from the ground up, the basis ordering rules that determine what's deductible and what carries forward, and how to properly report carryover S corp losses and other items limited by basis.

We'll also tackle one of the trickiest parts of this work: reconstructing or correcting basis when prior records are incomplete, including the basis adjustments many practitioners overlooked related to COVID-era benefits like the Employee Retention Tax Credit and PPP loan forgiveness. Whether you're preparing this form for the first time or cleaning up basis calculations that have never been properly tracked, you'll leave with a clear, repeatable process you can apply to your S corp clients right away.

The course reviews the latest filing compliance for Form 7203, required for most individuals receiving an S Corp Schedule K-1. The session covers the detailed preparation of this form, how to accurately calculate stock and loan basis, and mastering the strict basis ordering rules. Additionally, the course reviews reporting carryover S Corp losses and other deductions limited by basis.

Crucially, tax practitioners will learn to identify and handle potential basis adjustments and historical miscalculations related to COVID-19 relief benefits—specifically Employee Retention Tax Credits (ERTC) and Paycheck Protection Program (PPP) loans—which frequently cause shareholder basis to be understated on entity tax returns.

Learning Objectives:

  • Discuss the latest filing requirements for Form 7203 and identify errors on the form.
  • Utilize a sample Form 7203 with detailed calculations for both stock and loan basis.
  • Discuss the tax preparer's strict obligations and compliance responsibilities for filing Form 7203 for S Corp shareholders.
  • Explain potential exposure issues with Form 7203, including how to uncover and correct substantial COVID-19 relief basis errors.
  • Prepare Form 7203 correctly by following the IRS instructions for each section.
  • Calculate shareholder stock basis and loan basis using practical examples.
  • Apply the basis ordering rules for losses, deductions, and distributions.
  • Report carryover losses and other deductions limited by shareholder basis.
  • Reconstruct shareholder basis when historical records are incomplete or inaccurate.
  • Identify and correct common basis errors, including those related to COVID-era relief provisions such as ERTC and PPP loans.
  • Understand the tax preparer's responsibilities and potential exposure when preparing Form 7203.

A live Q&A session will be held after the event.

This course will reflect the most current regulations and guidance. Any updates or changes to relevant laws or requirements will be fully incorporated into the content to ensure accuracy and compliance.

Who Should Attend:

  • CPAs, EAs, tax return preparers, accountants, and tax professionals

Credits and Other information :

  • IRS CPE Credits: 2.0 TAX
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • IRS Course ID: DFFSC
  • Attendance Requirement: Yes
  • Session Duration: 120 Min
  • Case Studies and Live Q&A session with speaker

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