Basis Worksheet S Corp

[Taxadvisor VA]

Are you mailing the S Corp basis worksheet with Form 8879?

Any Pro series users out there? Does software allow you to attach the form?

Thanks,

Taxadvisor VA

[smithtax]

Stumped

You're probably thinking 8453 not 8879, but even if you could, I don't think it's required.

[Gretel]

It is required if you are taking a loss on form 1040. For 1065's is just needs to be on file.

[LCP]

Our system seems to be creating a pdf that is being sent with the 8879.

Is this a new requirement?

[smithtax]

It is required if you are taking a loss on form 1040. For 1065's is just needs to be on file.

Curious Gretel. Where did you hear that?

[Gretel]

Curious Gretel. Where did you hear that?

I believe it's in the instructions and has been there for quite a while. I was shocked when I learned about this last year. If you have problems finding it I will try to strain my memory in which instructions it is. I read it and then it did not matter to me where it is.

[smithtax]

I believe it's in the instructions and has been there for quite a while. I was shocked when I learned about this last year. If you have problems finding it I will try to strain my memory in which instructions it is. I read it and then it did not matter to me where it is.

I also searched and couldn't find anything.

The 8879 instructions state simply:

"Do not send Form 8879 to the IRS unless requested to do so."

[Gretel]

I also searched and couldn't find anything.

The 8879 instructions state simply:

"Do not send Form 8879 to the IRS unless requested to do so."

See instructions for schedule E pg. 9

[smithtax]

See instructions for schedule E pg. 9

You beat me to it...I saw that also just today...and it appears submission of basis calculation IS required...although not with the 8879.

[LCP]

It is required if you are taking a loss on form 1040. For 1065's is just needs to be on file.

How about the 1065 part? I always understood it to be the partner's obligation to calculate rather than the partnership's,

[Gretel]

How about the 1065 part? I always understood it to be the partner's obligation to calculate rather than the partnership's,

Correct but this thread talks about the obligations we tax professionals have.

[taxea]

Are you mailing the S Corp basis worksheet with Form 8879?

Any Pro series users out there? Does software allow you to attach the form?

Thanks,

Taxadvisor VA

Look in ProSeries alerts in your program. There is one for forms documents that can be attached in pdf format.