What Is IRS Form 7203 and How Does It Work?
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- Опубликовано: 10 дек 2024
- In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial discusses IRS Form 7203 (S Corporation Shareholder Stock and Debt Basis Limitations).
IMPORTANT: The information presented in this video is not tax advice, tax analysis, or legal advice, and it should not be construed as either of these. Consult with a qualified tax and/or legal adviser prior to acting on any of the information presented in this video.
Efros Financial is a Los Angeles-based CPA firm providing small business accounting/bookkeeping, tax preparation/resolution, and financial planning services.
Visit Efros Financial online -- we're here to help! www.efrosfinan...
Questions? Please feel free to reach out at (323) 531-3500 or info@efrosfinancial.com.
Very, very helpful and concise presentation of a confusing new IRS form.
Much appreciated, thank you! :D
thats so cool for cpa that they added another form. the lobby is pumped.
Love how well this is explained. Thanks
Great video! Thank you!
Thank u very much, clearly cleared my confusion.
omg thank you .. i didnt think i would ever understand this
Alex you could be a great teacher!! Well explained
Great explanation. Really, this will help a lot of S-Corp owners, thank you
Thank you for watching and for your kind feedback! :D
Thank you so much! The explanation is brilliant! However, I have a question. I have a very small business. If my company assets and gross receipts is less then $250k for the tax year, I am not required to fill out Sch L (Balance Sheet), so I don’t calculate my shareholder basis. How can I complete 7203 form in this case? Is attaching 7203 is mandatory for me (if I have a loss for the year)?
the only question I have is where would I find my shareholder basis from the previous year to start the form. Would it be on my K-1 for the previous year? Thanks for any help.
Watching from Samarkand. Thank you. 😅
Samarkand -- such a beautiful city! Thank you for watching and for your comment! :D
That is the form between 7202 & 7204.
You're welcome.
Haha, thank you for clarifying. Viewers can save 25 minutes and 39 seconds just by reading your comment! :D
@@EfrosFinancial 😂
If form 7203 calculates my allowable loss is $27,000 from a partnership and this is my only income for 2023,(that is no income) can I elect to carryforward this loss to 2024. If so how do I do this.
Thank you this video!! I back dated as a s corp election for tax year 2021 and is currently researching on basis and excess distributions. Please do a video on how to go about with excess distributions!! Thank you.