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| Name | Form 7203 & S-Corp Tax Basis |
| Video Uploader | Video From W Scully CPA PC |
| Upload Date | This Video Uploaded At 08-02-2022 03:44:52 |
| Video Discription | Form 7203 & S-Corp Tax Basis One of the most important things you need to know about as an S-Corp owner is BASIS, and taxpayers are now REQUIRED to file Form 7203. Here are situations in which S-Corp taxpayers must file form 7203: • If they are claiming a deduction for their share of an aggregate loss from an S corporation (including an aggregate loss not allowed last year because of basis limitations), • Received a non-dividend distribution from an S corporation, • Disposed of stock in an S corporation (whether or not a gain is recognized), or • Received a loan repayment from an S corporation. I am hosting a webinar titled, "How To Protect Yourself From The IRS & Resolve Your Tax Debts!". You can get free tickets for this event, which will be held on the 1st of each month for 6 months starting February 1st. Click the URL to get FREE! tickets: https://www.eventbrite.com/e/how-to-protect-yourself-from-the-irs-resolve-your-tax-debts-tickets-520693156247 or by searching Eventbrite. Hey, my name is Wayne Scully, owner of W. SCULLY, CPA, PC, and I am a tax and business strategist. Our focus is to provide solutions to landlords, flippers and real estate pros in the NY Tristate area. My firm offers tax compliance, business consulting, and high value tax planning strategies to save thousands of dollars. Wayne migrated from Jamaica in the 1990s; now lives in Queens, NY. He enjoys biking, running, & strength training. He is a proud father of one. Tagline: “Taxing you is their job, saving YOU is ours...or we'll give you $100!" Website: www.wscullycpa.com Email: wayne@wscullycpa.com Office mobile: 718.938.4601 (text me, anytime!) Mailing address: 126-15 Foch Boulevard #200532 South Ozone Park, NY 11420-0019 Office Address (by appointment only): 108-14 72nd Avenue, 2nd floor Queens, NY 11375 Wanna chat with me? Pick a convenient time on my calendar: https://calendly.com/waynescullycpa Connect with me on social media: Facebook: https://www.facebook.com/wscully01/ Facebook business: https://www.facebook.com/getyourtaxproblemsfixedpermanently/ Instagram: https://www.instagram.com/waynescullycpa/ LinkedIn: https://www.linkedin.com/in/wayneascullycpa/ Linkedin business: https://www.linkedin.com/company/w-scully-cpa-p-c/?viewAsMember=true Twitter: https://twitter.com/wscullycpa Youtube: Please click the link below to subscribe to my channel. https://www.youtube.com/channel/UCchba_olKBXG9Jh3VLRr9bg... Check out these other cool videos from another channel I have: TAX PROBLEM SOLVED: https://youtu.be/t1FfyxEmbIg Tax Resolution Overview by Wayne: https://youtu.be/XCKzmZ9tIAE Owe Back Tax: https://youtu.be/lX742iMtHEw Check out season 1 of our podcast, “Black Pros on Money, Honey!”: https://wscullycpa.com/black-pros-podcast/ The Black Pros On Money, Honey! is a frank discussion that provides the best information on Tax Strategy, insights for financial literacy, and developments in the technology behind these sectors. Each week, you hear first-hand accounts from seasoned practitioners, who provide no-B.S. answers to your biggest questions, new perspectives on how professionals create narratives that address tax/financial issues, or just simple information to keep you informed & proactive when it comes to money matters. Welcome to the show in the know, “Where none of us are smarter than all of us.” I am also writing a book to help you navigate the tax maze. The book's working title is: "31 Tax Topics You Need To Know To Beat The Tax Boogeyman!" Get your copy this Summer! Here is an excerpt from my book: From the Introduction: I have a secret for you: I love paying taxes. Yes, I said it. Every April 14th, I am waiting to send that check to the IRS on April 15th. Think about it, doesn’t everyone love to throw away money? Probably not, but sometimes it seems that way. Anyway, all jokes aside, I don’t like paying taxes, and the same is true of ATM fees – I hate those stupid ATM fees (a story for another book). I actually don’t mind filing, but I definitely hate paying taxes. But, we all have to. The goal should always be to pay the minimum amount possible. This is why I love tax strategies for saving (more on this later). Many people lose out on tax refunds simply because they did not file a federal income tax, not to mention their state tax returns. By law, you only have a three-year window from the original due date, normally the April 15th deadline, to claim your refund. It’s crazy to me that every year, billions of dollars in tax refunds are forfeited. As of March 2022, the IRS estimated that approximately $1.5 billion in refunds were lost – poof, just disappeared never to return. What a shame. Hopefully, after reading this book, you will be inspired to claim your refund. 00:00 Introduction 00:43 Basis 01:03 Who must file 7203 02:08 Increases Basis 02:56 Decreases Basis 03:13 K-1 03:53 Basis decrease example 04:07 Who needs to track basis 04:43 Outro Kwl4XaBQsio |
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