Fiscal Year Question

[quicksam]

I have a client who started a business with her sister on June 30th of 2011. She filed online for her EIN # on that day. She mistakenly marked fiscal year instead of annual year. The business only survived until November 2011.

She now wants to go ahead and file the 1065. The EIN Confirmation page says to file the 1065 before the deadline of 10-15-2012.

My question is, can we change the fiscal year back to an annual year without going through too much trouble? If not, and we file the 1065 for the year ending 06-30-12, what year do they file the K1 with their personal return. I'm guessing they file their k1 with their 2012 return since the fiscal year ends that year for the partnership.

Thanks

[ttbtaxes]

The year end reported on the EIN is NOT determinative. Filing the first return is. Go ahead and file the 1065 for the first, and final, tax year December 31, 2011 if all the assets were distributed by year's end.

You can deal with any notices at a later date. I doubt you'll get any.

[Bees Knees]

If the business was liquidated in November of 2011, then the final return (which also happens to be the initial return) ends November 30th, 2011. The due date for the partnership return is March 15th, 2012.