Get the free **CHANGE OF ACCOUNTING PERIOD** 990 Return of

***PUBLIC DISCLOSURE COPY*** 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

How to fill out change of accounting period

How to fill out change of accounting period

1. Obtain the necessary forms from the tax authority or the organization responsible for accounting.
2. Fill in the personal and business details as required. This may include the legal name of the entity, tax identification number, and contact information.
3. Clearly indicate the current accounting period and the desired new accounting period.
4. Provide a detailed explanation for the reason behind the requested change of accounting period. This could be due to an error in the previous period, adoption of a new accounting system, or any other valid reason.
5. Attach any supporting documentation that may be required, such as financial statements, board resolutions, or consents.
6. Review the filled form and ensure all the information is accurate and complete.
7. Submit the completed form to the relevant authority or organization responsible for accounting.
8. Pay any applicable fees or follow any additional instructions provided.
9. Keep a copy of the submitted form and any supporting documents for your records.

Who needs change of accounting period?

1. Businesses or entities that have identified errors in their previous accounting period and need to rectify them.
2. Companies that have changed their accounting system and need to align their accounting periods accordingly.
3. Organizations that need to align their accounting periods with regulatory requirements or industry standards.
4. Entities undergoing mergers, acquisitions, or restructuring that necessitate a change in their accounting periods.
5. Individuals or businesses that have obtained permission from the tax authority or governing bodies to change their accounting periods.

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What is change of accounting period?

The change of accounting period is a modification in the dates used to prepare financial statements, typically for taxation purposes.

Who is required to file change of accounting period?

Taxpayers or businesses that want to change their accounting period must file the request with the IRS.

How to fill out change of accounting period?

To fill out a change of accounting period, taxpayers must submit Form 1128 to the IRS with all necessary documentation and explanations for the requested change.

What is the purpose of change of accounting period?

The purpose of changing the accounting period can be to better align financial reporting with the business cycle, to take advantage of tax planning opportunities, or for other strategic reasons.

What information must be reported on change of accounting period?

Taxpayers must report their current accounting period, proposed new accounting period, reasons for the change, and other relevant details on the Form 1128.