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Irs Form 741 2022

741 Kentucky 2022-2025 Form

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Video instructions and help with filling out and completing Irs Form 741

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Instructions and help about Irs Form 741

okay for this video i wanted to go over the newly added irs form 7203 which is used to report the s corporation shareholders stock and debt basis so why has the irs added this form well if you're a shareholder in an s corporation you have always been required to adequately track your stock and debt basis because when you prepare your 1040 if you have allocations of losses or if you have cash distributions and you don't have sufficient amount of basis then you can't take the losses on your tax return right you can only take losses to the extent you have basis well they've added this form because they found that taxpayers have done a really poor job at tracking that figure and so we're having a lot of taxpayers that are passing through escort losses when they have no basis to take those losses and so it's reducing their overall taxable income and the irs doesn't like it now if we look at page two of schedule e here for those of you

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KY 42A741 2024
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KY 42A741 2023
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KY 42A741 2022
4.7 Satisfied (110 Votes)
KY 42A741 2021
4.8 Satisfied (387 Votes)

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