Get the free CHANGE OF ACCOUNTING PERIOD 990 Under section 501c 527 or - upaws

Form 990 CHANGE OF ACCOUNTING PERIOD Return of Organization Exempt From Income Tax OMB No. 15450047 Do not enter social security numbers on this form as it may be made public. Open to Public Inspection

How to fill out change of accounting period

How to fill out change of accounting period:

1. Obtain the necessary form: Firstly, you will need to obtain the specific form required by your jurisdiction for requesting a change of accounting period. This form may be available online or can be obtained from your country's tax authority.
2. Provide basic information: Begin by filling in the basic information requested on the form, such as your business name, address, tax identification number, and contact details. Ensure that all the information provided is accurate and up to date.
3. Indicate the current accounting period: Next, indicate the current accounting period that your business is currently following. This includes the start and end dates of the existing accounting period.
4. Explain the reason for the change: You will need to provide a detailed explanation as to why you are requesting a change in accounting period. This may include reasons such as a change in business operations, an alignment with industry practices, or any other valid justification for the change.
5. Proposed new accounting period: Specify the desired new accounting period that you are seeking to adopt. Clearly state the start and end dates for the proposed accounting period.
6. Provide supporting documentation: In some cases, you may be required to provide supporting documentation along with the form. This could include financial statements, tax returns, or any other relevant documents that can support your request for the change of accounting period.
7. Sign and submit the form: Finally, review the form to ensure accuracy and completeness. Sign the form, indicating your agreement with the information provided, and submit it to the appropriate tax authority as instructed, either electronically or by mail.

Who needs change of accounting period:

1. Businesses undergoing operational changes: Companies that have recently undergone significant operational changes, such as mergers, acquisitions, reorganizations, or changes in business structure, may need to request a change in accounting period to align their financial reporting with the new operational realities.
2. Industry-specific requirements: Certain industries may have unique accounting periodicity requirements. For example, construction companies may need to align their accounting period with ongoing projects or seasons. In these cases, a change in accounting period may be necessary to comply with industry-specific regulations or business practices.
3. Tax planning purposes: Businesses engaged in tax planning may find it advantageous to change their accounting period. By strategically shifting the accounting period, businesses can optimize their tax planning strategies, such as minimizing taxable income or deferring tax liabilities to a more favorable period.

Note: It is crucial to consult with a qualified accountant or tax professional to ensure compliance with all relevant laws and regulations when considering a change of accounting period.

For pdfFiller’s FAQs

What is change of accounting period?

Change of accounting period refers to the process of moving the end date of a company's fiscal year to a different date.

Who is required to file change of accounting period?

Any company or individual who wants to change their fiscal year end date is required to file a change of accounting period.

How to fill out change of accounting period?

To fill out a change of accounting period, the company or individual must submit Form 1128 to the IRS.

What is the purpose of change of accounting period?

The purpose of changing the accounting period is to align the fiscal year end date with business cycles, tax planning, or financial reporting needs.

What information must be reported on change of accounting period?

The change of accounting period form must include information about the old fiscal year end date, the proposed new fiscal year end date, and the reason for the change.

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