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CHANGE OF ACCOUNTING PERIOD Return of Organization Exempt From Income Tax Under section 501 (c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations) Form 9 90 Do not enter

How to fill out change of accounting period

How to fill out change of accounting period:

1. Determine the reason for requesting a change of the accounting period. This could be due to various factors such as a change in business operations, a shift in fiscal year, or a need to align with industry standards.
2. Gather all necessary documentation and information. You will likely need to provide details about the current accounting period, the proposed new accounting period, and the reasons for the requested change. This may include financial statements, tax returns, and any other relevant supporting documents.
3. Contact the appropriate authority or agency responsible for overseeing accounting or tax matters in your jurisdiction. This could be the tax department, regulatory body, or other relevant government agency. Inquire about their specific process and requirements for requesting a change of accounting period.
4. Complete the necessary forms or paperwork. Follow the guidelines provided by the authority or agency and ensure all required fields are accurately filled out. Pay attention to any deadlines or additional information that may be needed.
5. Submit the completed paperwork and supporting documents to the designated authority. Be mindful of any submission methods specified, such as online portals, mail, or in-person delivery. Keep copies of all documentation for your records.

Who needs a change of accounting period:

1. Businesses undergoing significant changes in operations, such as mergers, acquisitions, or restructuring, may require a change of accounting period to align their financial reporting with the new structure.
2. Entities that want to align their fiscal year with a calendar year or with industry standards may opt for a change of accounting period. This can simplify financial reporting, facilitate comparisons with other companies, or meet regulatory requirements.
3. Start-up companies or new businesses may request a change of accounting period if their initial accounting period does not suit their operational needs or if they want to synchronize it with their business cycle.
4. Companies facing financial difficulties or seeking to optimize tax planning strategies may consider changing their accounting period. By shifting the recording of income and expenses, they may be able to smooth out cash flow, defer or accelerate tax obligations, or improve accounting efficiency.
5. Non-profit organizations or government entities may also require a change of accounting period due to unique reporting requirements or to align with funding cycles.

It is important to note that the eligibility and approval process for a change of accounting period may vary by jurisdiction and industry. It is advisable to consult with professional accountants or legal advisors to ensure compliance with relevant laws and regulations.

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