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CHANGE IN ACCOUNTING PERIOD Form990Return of Organization Exempt From Income Taxa Department of the Treasury Internal Revenue Serviced not enter social security numbers on this form as it may be made

How to fill out change of accounting period

How to fill out change of accounting period

1. Obtain the necessary forms and documents for filing a change of accounting period.
2. Complete the required forms, providing accurate and detailed information about the current accounting period and the desired new accounting period.
3. Attach any supporting documents or explanations that may be required, such as a letter of explanation for the reason behind the requested change.
4. Review the completed forms and double-check for any errors or omissions.
5. Submit the filled-out forms and supporting documents to the appropriate tax authority or regulatory body.
6. Follow up with the tax authority or regulatory body to ensure that the change of accounting period is processed correctly and in a timely manner.
7. Update your financial and accounting records to reflect the new accounting period once the change has been approved.
8. Communicate the change of accounting period to relevant stakeholders, such as shareholders, investors, and employees, as necessary.

Who needs change of accounting period?

1. Companies or individuals who need to align their accounting period with changes in business operations or regulatory requirements.
2. Entities that have made an error in determining their initial accounting period and need to correct it.
3. Organizations undergoing mergers, acquisitions, or other significant changes in ownership structure.
4. Businesses seeking to take advantage of tax planning strategies or optimize financial reporting.
5. Companies that have experienced a change in fiscal year-end due to restructuring or other internal reasons.
6. Corporations or individuals with complex financial transactions or unique accounting needs that require adjustments to their accounting periods.
7. Entities facing legal or compliance issues that necessitate a change in the accounting period.
8. Organizations in industries with specific accounting regulations or requirements, such as those governed by the Securities and Exchange Commission (SEC) or International Financial Reporting Standards (IFRS).

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What is change of accounting period?

Change of accounting period is when a business decides to change its fiscal year end date to better align with its operations or for tax planning purposes.

Who is required to file change of accounting period?

Any business that wants to change its fiscal year end date must 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, businesses must complete and file Form 1128 with the IRS, providing information about the current fiscal year end date, the proposed new fiscal year end date, and the reasons for the change.

What is the purpose of change of accounting period?

The purpose of change of accounting period is to better align a business's financial reporting with its operations, to improve tax planning opportunities, or to comply with IRS regulations.

What information must be reported on change of accounting period?

Businesses must report their current fiscal year end date, proposed new fiscal year end date, reasons for the change, and any impact the change might have on taxes.