Form 1128

Form 1128

A form that a company files with the IRS to adopt a tax year other than the calendar year. For example, if a company desires a tax year that runs from July 1 to June 30, it files Form 1128 to inform the IRS of this choice. Form 1128 is also used to change the tax year.
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method for obtaining consent is by filing Form 1128, Application to Adopt, Change, or Retain a Tax Year.
92-13 also changes the filing date of the required Form 1128, Application to Adopt, Change, or Retain a Tax Year, to the return's extended due date.
Prior approval is obtained by filing Form 1128, Application to Adopt, Change or Retain a Tax Year, with the Service by the fifteenth day of the second calendar month following the close of the short tax year.
Although Form 1128 will have to be filed, the year-end change can be made without prior IRS approval.
Form 1128 is generally due two months and 15 days after the short period; therefore, the Form 1128 will be due by Feb.
Form 1128 must be filed by the due date of the short-period return (March 15, 2001) if Norco does not file an extension request.
If the fiscal-year individual later desires to change to a calendar year, it is generally possible to do so by filing Form 1128, Application to Adopt, Change, or Retain a Tax Year, which the taxpayer may assume to be approved unless the Service informs him otherwise (Rev.
2000-11 early if the time for filing Form 1128, Application to Adopt, Change or Retain a Tax Year, under the revenue procedure has not expired.
However, Form 1128 is due no later than the 15th day of the third month following the end of the short period.
If the partnership can support a business purpose for adopting a year-end other than the required year-end, it can apply for a change in accounting period on Form 1128, Application To Adopt, Change, or Retain a Tax Year.
2000-11, the corporation had to file an expedited Form 1128 on or before the short-period return's due date.
Finally, the new procedure extends the period for filing Form 1128, Application to Adopt, Change, or Retain a Tax Year, to the due date of the taxpayer's return (including extensions) for the first effective year.