SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Jacobs & Company, LLP
2161 Palm Beach Lakes Boulevard, Suite #450
West Palm Beach, FL 33409
Phone: 561-615-8585
Fax: 561-615-8888
Website: www.jacobsandcompanyCPA.com
October 2026
October 2026 Client Profile
Shawn's business is touristdependent and earns most of its revenue in the warmer months. He has always filed his tax return on a calendar-year basis but would like to switch to a fiscal year ending in October. What does he need to do?
First, Shawn should confirm his eligibility. The IRS states that if he files his first return using the calendar tax year and later becomes a sole proprietor, a partner in a partnership, or a shareholder in an S corporation, he must continue to use the calendar year unless he obtains IRS approval to change it or meets one of the exceptions listed in the IRS's Form 1128 instructions.
Shawn may qualify for automatic IRS approval to change his tax year. Your tax professional can help determine whether changing the tax year is the right decision.
Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.