In the past, the IRS directed S Corp shareholders to attach informal schedules to their tax returns in order to report stock and debt basis. For the 2021 tax year, the IRS demands we attach the new Form 7203. Oddly, the new-fangled form need not be attached every time, just sometimes.
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Bradley Burnett is a practicing Colorado attorney with 33 years of experience working specifically on tax issues. His practice specializes in tax planning and tax controversy resolution. Mr. Burnett has authored and delivered more than 3,000 presentations on U.S. tax law in the U.S. and international jurisdictions.
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