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Old 02-01-2015, 12:46 PM
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Changing tax year for S Corporation

I have an S corp and when I set it up, I chose a tax year ending February 28 rather than a calendar year because it seemed to fit the way I did business at the time. Now I have decided that it is just a hassle, and I would like to change back to a regular calendar year. I have been in business for about 9 years.

I am guessing that I would need to file an IRS form 1128, but I am not even sure if I am allowed to change my tax year. The instructions are really not clear at all. I was particularly stumped by the line that asked 'Identify the revenue procedure under which this automatic approval request is filed'

I am also guessing that I would need to file a short tax year for my 1120S as well.

Any help would be greatly appreciated!



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