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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A partnership, existing S corporation, or PSC that wants to adopt a tax year other than its required tax year must file a Form 1128 (a corporation electing S status uses Form 2553, Election by a Small Business Corporation) and demonstrate a business purpose to obtain IRS approval before adopting that tax year (the procedures discussed below for changing a tax year apply to these adoptions) or elect to use a different tax year under Sec.
A taxpayer normally requests the commissioner's approval by filing Form 1128 and an appropriate user fee by the 15th day of the second calendar month following the close of the resulting short period.
An existing S corporation generally uses Form 1128, Application to Adopt, Change, or Retain a Tax Year, to apply for a change in a permitted fiscal year.
For example, if you enter "accounting period" (or click on the item in a scrolling index), both request for change Form 1128 and notice of denial Form 8683 are listed.
In the past, those seeking such changes--and in some cases those who wanted to adopt or retain an accounting period -- had to file a formal ruling request with the IRS commissioner using either Form 1128, Application for Change in Accounting Period, or Form 3115, Application for Change in Accounting Method.
shareholders must also attach a copy of Form 1128 to their returns for the appropriate 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.
Finally, the corporation would still be required to file a Form 1128, Application to Adopt, Change or Retain a Tax Year, on or before the due date (including extensions) for filing its Federal income tax return for the short period required to make the change effective.
They must file Form 1128 by the 15th day of the second month following the close of the short period resulting from the change.
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.
The change requires Norco to file Form 1128, Application to Adopt, Change, or Retain a Tax Year, with the District Director and a short-period C return for Oct.