1120S Suspended Losses

Shareholder in S Corp has a final K-1. He has suspended losses from 2018 for $50,000. Basis workheet shows he has no more basis. The S Corp is still in existence. We did not prepare K-1. These losses are lost forever, correct? He is paying off a credit card that was in the corporation name and his name, which had some corporation expenses. Would this be able to be used for anything or no since not an accountable plan.

Thank you in advance for any insight.

Losses disallowed due to basis limitations are permanently gone when he disposes of the stock.

Unreimbursable employee expenses were deductible subject to 2% limit. This is gone for federal for 2018-2025 but still allowed in some states.

Thank you!