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Le file FormGRAPHICp print DO NOT Process Filed Data DAN: 93493311006211 OMB Return of Organization Exempt From Income Tax990Under section 501 (c), 527, or 4947(a)(1) of the Internal Revenue Code

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How to fill out change of accounting period

01

Gather all necessary documentation related to the change of accounting period, such as financial statements, tax returns, and any relevant correspondence or paperwork from tax or accounting authorities.

02

Determine the new desired accounting period and assess the impact it would have on your financial records and tax obligations.

03

Consult with a certified public accountant or tax professional to understand the legal and tax implications of changing the accounting period.

04

Prepare an amended tax return or financial statement reflecting the change in accounting period.

05

Submit the amended documents to the appropriate tax or accounting authorities.

06

Keep copies of all documentation for your records.

07

Monitor any changes in tax obligations or reporting requirements resulting from the change in accounting period.

08

Adjust your internal accounting practices and systems to align with the new accounting period, ensuring accurate and consistent financial reporting.

Who needs change of accounting period?

01

Businesses or organizations that have realized a need for a different accounting period due to changes in their operations or financial structure.

02

Individuals or entities that want to align their accounting period with their fiscal year or industry standards.

03

Companies or individuals who need to comply with regulatory or legal requirements that necessitate a change in accounting period.

04

Businesses or individuals that have undergone mergers, acquisitions, or other major structural changes that require a harmonization of accounting periods.

05

Organizations that are transitioning from cash basis accounting to accrual basis accounting or vice versa.

06

Entities that have experienced significant errors or irregularities in their financial records and need to correct previous accounting periods.

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What is change of accounting period?

A change of accounting period refers to a modification made by an organization regarding the time frame used to report its financial activities, potentially shifting from a fiscal year to a different period or vice versa.

Who is required to file change of accounting period?

Taxpayers that wish to change their accounting period from one type to another, particularly those who are subject to Internal Revenue Service (IRS) regulations, are required to file a change of accounting period.

How to fill out change of accounting period?

To fill out a change of accounting period, one must complete IRS Form 1128, ensuring that all required information is accurately provided, including details about the new accounting period and any necessary explanations for the change.

What is the purpose of change of accounting period?

The purpose of changing an accounting period is to align financial reporting with the business operations or to reflect changes in the entity’s financial situation or industry practices.

What information must be reported on change of accounting period?

Information that must be reported includes the old accounting period, the new accounting period, the reasons for the change, and any elections being made regarding the method of accounting.

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