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August 2022

August 2022 Q and A

August 2022 Q and A

How do I change my company's fiscal year-end?

Transferring your business to a fiscal year from a calendar year is a significant step and should be done only if there is a strong business purpose. It will complicate tax compliance because some reporting deadlines will shift while others, like Forms 1099 and W-2, will remain on a calendar year.

Changing your year-end date generally requires approval from the IRS by submitting Form 1128, so you'll want to get your tax professional involved. However, if you're looking to change your fiscal year-end strictly for a financial presentation viewpoint, remember you can always present your company financials using any period you like without changing your tax filing requirements.


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