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CHANGE OF ACCOUNTING PERIODForm990EZShort Form Return of Organization Exempt From Income Tax OMB No. 154511502013Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private

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, you need to follow these steps:
2. Obtain the necessary forms: Look for the specific form required by your jurisdiction to change your accounting period. This form can usually be found on the website of your country's tax authority.
3. Determine eligibility: Understand the criteria for changing the accounting period. Some common reasons for changing the accounting period may include a change in business structure, a change in accounting method, or a change in ownership.
4. Gather required information: Collect all the necessary information and documents needed to support your request for the change of accounting period. This may include financial statements, tax returns, or other supporting documents.
5. Fill out the form: Complete the form accurately and provide all the requested information. Ensure that you include your company's identification details, such as name, address, and tax identification number.
6. Attach supporting documents: Include any required supporting documents along with the form. These documents may vary depending on the jurisdiction and the reason for changing the accounting period.
7. Submit the form: Once the form is filled out and all supporting documents are attached, submit the form to the appropriate tax authority. Follow the instructions provided on the form or on the tax authority's website for submission methods.
8. Follow up: After submitting the form, keep track of the progress of your request. If necessary, follow up with the tax authority to ensure that the change of accounting period is processed accordingly.
9. Comply with requirements: Once the change of accounting period is approved, ensure that you comply with any additional requirements or obligations that may arise as a result of the change. This may include filing amended tax returns or adjusting financial records.
10. Note: It is advisable to consult a tax professional or accountant to ensure compliance with relevant regulations and to understand the specific requirements for your jurisdiction.

Who needs change of accounting period?

1. Various entities and individuals may need to change their accounting period, including but not limited to:
2. - Companies undergoing a change in ownership or business structure.
3. - Businesses changing their accounting method or fiscal year-end.
4. - Individuals or businesses that have experienced a significant change in their financial circumstances.
5. - Entities that need to align their accounting period with regulatory or industry requirements.
6. - Organizations under audit or investigation that require a change in the accounting period for proper reporting.
7. It is important to consult with a professional advisor or tax authority to determine if a change of accounting period is necessary or beneficial for your specific situation.

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What is change of accounting period?

A change of accounting period refers to changing the dates at which a company starts and ends its fiscal year.

Who is required to file change of accounting period?

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

How to fill out change of accounting period?

To fill out a change of accounting period, one must complete Form 1128 and submit it to the IRS.

What is the purpose of change of accounting period?

The purpose of changing the accounting period is to better align a company's fiscal year with its business operations or to take advantage of certain tax benefits.

What information must be reported on change of accounting period?

The change of accounting period form typically requires information about the current accounting period, the proposed new accounting period, and the reason for the change.