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AUTOMATIC YEAR END CHANGE REV.PRO.8558OMB 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 900

How to fill out automatic year end change

How to fill out automatic year end change

1. Login to the system.
2. Go to the 'Settings' menu.
3. Find the 'Year End Change' option and click on it.
4. Fill out the required fields such as the new year information and any necessary adjustments or updates.
5. Click on the 'Save' button to apply the changes.
6. Verify that the year end change has been successfully completed by checking relevant reports or system records.

Who needs automatic year end change?

1. Automatic year end change is useful for organizations or businesses that operate on a yearly basis and need to transition their systems or records from one year to the next automatically.
2. It simplifies the process of updating and adjusting various system parameters, financial records, reports, and other relevant data to reflect the new year's information.
3. Companies, government agencies, accounting firms, payroll departments, and similar entities often require automatic year end change functionality to ensure smooth operation and accurate financial reporting for the new year.

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What is automatic year end change?

Automatic year end change refers to a procedure allowing taxpayers to change their accounting period to align with the calendar year without needing to request permission from the IRS.

Who is required to file automatic year end change?

Businesses that want to change their tax year to a calendar year or those who have an existing non-calendar tax year that does not have a valid business purpose.

How to fill out automatic year end change?

To fill out the automatic year end change, taxpayers must complete IRS Form 1128 and follow the instructions for reporting their new tax year.

What is the purpose of automatic year end change?

The purpose of the automatic year end change is to simplify the process for businesses to switch their accounting period to a calendar year, ensuring consistency in financial reporting.

What information must be reported on automatic year end change?

The information required includes the current accounting period, the new accounting period, the reason for the change, and pertinent taxpayer identification details.