ProConnect Tax Online (“PTO”) by default will attempt to generate a basis statement for all shareholders on a Form 1120S S Corporation tax return. This feature is generally recommended to be used for business tax returns, but in certain complex situations may need to be suppressed.
In order to suppress the basis statements so they are not generated as part of the tax return package, navigate to the following location on the “Input Return” screen of PTO:
Schedule K Schedule K Miscellaneous
On this screen, the first box will contain an input with the label “Shareholder basis schedules”. Input a “2” into this box to suppress basis statements on the return: