If a non-profit wants to change their fiscal year from a normal calendar year Jan through Dec to October 1 through Sept 30, how do you go about their annual filings of the 990's? Tax year 2008 was filed as a regular fiscal year Jan through Dec 2008. They want to change now. 1) Do they start from Sept 2009 through October 2010 and if so, do we file an annual return for 2009 and a short form 990 for the fiscal year ending October 2010? or 2) Do we file a short year ending the fiscal year August 31st 2009, and file a regular annual fiscal year September 2009 through October 2010. I also understand that a form 1128 is what needs to be filed by the due date of the income tax return for the first effective year.....again, want to see if someone can clarify if that means filing with the new return with the new fiscal year, which would mean filing for approval after internally changing the year within the organization. Any help or direction would be appreciated. Thanks,
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Rev Proc 85-58
Not sure because I have never done this, but believe you might take a look at Rev Proc 85-58. This offers a simplified way to make an accounting period change for a nonprofit, how to file the short return, no 1128 required, and lots of other information.
You might need to make sure this Rev Proc is not outdated. -
501a and 501c
I checked into that and it only listed the 501a non-profits. This wouldn't include 501c's also would it? Thanks again for the Rev Proc.Comment
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I don't know. It did list the nonprofits that were not covered, and I did not see that it excluded 501c orgs. Perhaps someone with more experience will pitch in.Originally posted by kpangelinan View PostComment
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fyi
I was also referred to 1513 of the US Master Tax Guide and there are several Regs and Rev Procs in there for me to research, but didn't get any answers in the USMTC itself. Just an fyi if you're interested. I still don't have the answer. Thanks for the help though.Originally posted by BHoffman View PostComment
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