Often CPAs and tax preparers have a similar feeling to the 600+ cavalrymen coined by Alfred, Lord Tennyson as “The Light Brigade,” fighting the battle with imprecise instructions and vague guidelines. Read more for how the AICPA’s proposed new “S-Corp Basis” form could make the battle much easier.

The AICPA is seeking a new tax form to improve S-corp shareholder compliance with basis rules, but will it resolve the nightmare of reconstructing basis? Tony Nitti weighs in.