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This document is a tax form (Form 990) filed by the Community Development Corporation of Long Island, detailing the organization\'s financial activities, purpose, and compliance with tax regulations for the year 2017. It outlines revenue, expenses, grants, and assets, and provides insights into the organization\'s operations and governance.

How to fill out change of accounting period

How to fill out change of accounting period

1. Identify the current accounting period and the desired new accounting period.
2. Gather necessary financial records and documentation for both periods.
3. Complete the change of accounting period form provided by the relevant tax authority.
4. Provide a reason for the change in the form, if required.
5. Submit the completed form along with any supporting documentation by the specified deadline.
6. Adjust your accounting policies and procedures to reflect the new accounting period.

Who needs change of accounting period?

1. Businesses undergoing significant changes in operations or structure.
2. Companies wishing to align their accounting period with a parent company's fiscal year.
3. Entities needing to simplify their financial reporting processes.
4. Organizations that want to optimize their tax planning strategies.

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What is change of accounting period?

A change of accounting period refers to a modification in the period for which financial statements are prepared, typically moving from one fiscal year-end to another or changing the length of the accounting cycle.

Who is required to file change of accounting period?

Businesses and organizations that wish to change their accounting period must file a change of accounting period with the IRS or relevant tax authority. This commonly includes corporations, partnerships, and sole proprietors.

How to fill out change of accounting period?

To fill out a change of accounting period, entities must complete Form 1128 for the IRS, providing details about the current accounting period, the new accounting period, and the reasons for the change. Supporting documentation may also be required.

What is the purpose of change of accounting period?

The purpose of changing an accounting period can include aligning financial reporting with business cycles, improving financial reporting consistency, or adhering to regulatory requirements.

What information must be reported on change of accounting period?

Information that must be reported includes the current accounting period end date, the proposed new accounting period end date, reasons for the change, and any prior changes in accounting periods.