Florida Corporations & Florida LLC's
CHANGE OF ACCOUNTING METHOD AND OR PERIOD


CHANGING ACCOUNTING METHODS
A business must choose an accounting method and tell the IRS which method it is using on its tax return.  Once chosen, that method must usually be used in all subsequent tax returns unless the IRS grants you permission to switch to another accounting method.
            The IRS is concerned that whenever an accounting method is changed the business could obtain an unfair tax advantage-or some expenses or income could get "lost” in the transition. So, if you want to change your venture’s accounting method, ordinarily you need permission for the IRS. 
            To get IRS permission for changing methods, Our Firm will petition the IRS on your businesses’ behalf. This must be completed 180 days before the end of the year for which you want to make the change.  Our Fee is $150.00 and the IRS fee is $500.00, but we may be able to get the IRS to waive the fee in some circumstances.      
     

ACCOUNTING PERIODS
S Corporations and LLCs must report as calendar-year entities unless they can convince the IRS they qualify for an exception.  A Calendar year of course stars on January 1 and ending December 31st.  LLCs and S Corporation’s may legally use a “fiscal year” instead of a calendar tax year.  A fiscal year is a one year period ending on the last day of any month except December. However, the fiscal year is not favored by the tax code for S Corporations.  We can help your small business use a fiscal year only by petitioning to the IRS for such a filing for $225.00.  

 

CHANGE OF ACCOUNTING METHOD AND OR PERIOD

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