Get the free CHANGE OF ACCOUNTING PERIOD, RETURN EXTENDED THROUGH MAY 16, 2016

CHANGE OF ACCOUNTING PERIOD, RETURN EXTENDED THROUGH MAY 16, 2016, FormReturn of Organization Exempt From Income Tax990OMB No. 15450047Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue

How to fill out change of accounting period

How to fill out change of accounting period

1. To fill out a change of accounting period, follow these steps:
2. Determine the current accounting period and the desired new accounting period. Make sure you understand the reasons for changing the accounting period and any legal and regulatory requirements.
3. Prepare the necessary documentation such as a resolution from the board of directors or shareholders approving the change, depending on the legal structure of your organization.
4. Update your accounting records and systems to reflect the change. This may involve adjusting the beginning and end dates of the accounting period in your accounting software or manually updating spreadsheets.
5. Notify relevant stakeholders such as tax authorities, banks, and business partners about the change of accounting period. Make sure to comply with any reporting requirements or deadlines.
6. Review and adjust your financial statements, tax returns, and other financial reports to align with the new accounting period. Seek professional advice if necessary to ensure compliance with accounting standards and regulations.
7. Monitor the transition period to ensure a smooth changeover. Pay attention to any potential impacts on financial metrics, reporting cycles, and internal processes.
8. Keep proper documentation of the change of accounting period for future reference and audit purposes. This includes retaining copies of the resolution, updated financial statements, and any related communications.
9. Remember to consult with your accountant or financial advisor for specific guidance tailored to your organization's circumstances.

Who needs change of accounting period?

1. Various entities may need to consider a change of accounting period, including:
2. - Businesses that want to align their financial reporting with a different fiscal year that better matches their industry or market cycles.
3. - Organizations undergoing mergers, acquisitions, or restructuring that necessitate a change in reporting periods.
4. - Startups or newly formed companies that need to establish an accounting period for the first time.
5. - Entities facing regulatory requirements to change their accounting period, such as when transitioning to International Financial Reporting Standards (IFRS).
6. It is recommended to consult with a qualified accountant or tax advisor to assess the specific needs and implications of changing the accounting period for your organization.

For pdfFiller’s FAQs

What is change of accounting period?

A change of accounting period refers to switching from one fiscal year to another, such as changing from a calendar year (January-December) to a fiscal year (April-March).

Who is required to file change of accounting period?

Any business or individual that wants to change their fiscal year end must file a change of accounting period with the IRS.

How to fill out change of accounting period?

The change of accounting period form (Form 1128) must be completed and submitted to the IRS with all the necessary information regarding the current and proposed fiscal year end.

What is the purpose of change of accounting period?

The purpose of a change of accounting period is to align the fiscal year end with the natural business cycle, tax advantages, or to comply with IRS regulations.

What information must be reported on change of accounting period?

The form must include details of the current fiscal year end, proposed fiscal year end, reason for the change, and impact on taxable income.

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