JackieCPA Posted February 27, 2020 Report Share Posted February 27, 2020 New client, C-Corporation. They said they called the IRS to get a copy of the EIN letter and the IRS agent on the phone told them that they have an August year end. The client wants to be a calendar year-end, they said they don't know why they think it's August, and make the S-Corp election with the first tax return. They haven't filed a corporate return in the past. So, should I just file the tax return with a calendar year, or do the Form 1128 for change of accounting period first? Reading online, it states that the business elects its tax year with the first tax return that is filed. Should I even bother then with the Form 1128? Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted February 27, 2020 Report Share Posted February 27, 2020 The year is adopted with the filing of the FIRST tax return. If this is the first year in existence they may have a short year, xx/xx/19 - 12/31/19. Form 1128 is not required in the first year. Your reading is correct. 1 Quote Link to comment Share on other sites More sharing options...
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