Form 1128 PDF Details

Every now and then, businesses or individuals find themselves needing to adjust their financial calendar for various reasons, whether to align better with industry standards or to optimize tax benefits. This is where Form 1128 comes into play. Issued by the Department of the Treasury Internal Revenue Service, Form 1128, titled "Application To Adopt, Change, or Retain a Tax Year," serves as a formal request to the IRS for such adjustments. The form caters to a wide audience, including individuals, partnerships, corporations, S corporations, and tax-exempt organizations, each seeking approval to adopt a new tax year, change their existing tax year, or retain their current tax year under specific conditions. With detailed sections guiding applicants through automatic approval requests, ruling requests, and outlining detailed instructions for various entities, Form 1128 is comprehensive. It even addresses the potential need for concurrent changes among related entities, thereby recognizing the complex ways in which tax year choices can affect an entity’s financial and tax reporting obligations. Proper completion and submission of Form 1128 can lead to more favorable tax arrangements or compliance with regulatory requirements, making it a critical tool in fiscal planning and management.

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Form NameForm 1128
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namesform 1128 pdf, 1128 form, form 1128, form change tax form

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Form 1128

(Rev. October 2014)

Department of the Treasury

Internal Revenue Service

Application To Adopt, Change, or Retain a Tax Year

Information about Form 1128 and its separate instructions is available at www.irs.gov/form1128.

OMB No. 1545-0134

Attachment Sequence No. 148

Part I

General Information

 

 

 

 

 

Important: All filers must complete Part I and sign below. See instructions.

 

 

 

 

 

Name of filer (if a joint return is filed, also enter spouse’s name) (see instructions)

 

Filer’s identifying number

 

 

 

 

 

 

 

 

Number, street, and room or suite no. (if a P.O. box, see instructions)

 

Service Center where income tax return will be filed

Print

 

 

 

 

 

 

 

City or town, state, and ZIP code

 

Filer’s area code and telephone number/Fax number

or

 

 

 

(

)

 

(

)

Type

 

 

/

Name of applicant, if different than the filer (see instructions)

 

Applicant’s identifying number

(see instructions)

 

 

 

 

 

Name of person to contact (if not the applicant or filer, attach a power of attorney)

 

Contact person’s area code and telephone number/Fax number

 

 

 

(

)

/

(

)

1Check the appropriate box(es) to indicate the type of applicant (see instructions).

Individual

Partnership Estate

Domestic corporation

S corporation

Personal service corporation (PSC)

Cooperative (sec. 1381(a))

Controlled foreign corporation (CFC) (sec. 957)

Foreign sales corporation (FSC) or Interest-charge domestic international sales corporation (IC-DISC)

Specified foreign corporation (SFC) (sec. 898) 10/50 corporation (sec. 904(d)(2)(E))

Trust

Passive foreign investment company (PFIC) (sec. 1297)

Other foreign corporation Tax-exempt organization Homeowners Association (sec. 528) Other

(Specify entity and applicable Code section)

2a Approval is requested to (check one) (see instructions):

 

Adopt a tax year ending

(Partnerships and PSCs: Go to Part III after completing Part I.)

Change to a tax year ending

 

Retain a tax year ending

bIf changing a tax year, indicate the date the present tax year ends (see instructions).

cIf adopting or changing a tax year, the first return or short period return will be filed for the tax year

beginning

, 20

, and ending

, 20

 

 

 

 

 

3 Is the applicant’s present tax year, as stated on line 2b above, also its current financial reporting year?

Yes

No

If “No,” attach an explanation.

4Indicate the applicant’s present overall method of accounting.

Cash receipts and disbursements method

Accrual method

Other method (specify)

5State the nature of the applicant’s business or principal source of income.

Signature—All Filers (See Who Must Sign in the instructions.)

Sign Here

Under penalties of perjury, I declare that I have examined this application, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than filer) is based on all information of which preparer has any knowledge.

 

 

 

Signature of filer

Date

Type or print name and title

Paid

Preparer

Use Only

Print/Type preparer’s name

Preparer’s signature

Date

Check

if

PTIN

 

 

 

 

 

 

 

 

 

self-employed

 

Firm’s name

 

 

Firm’s EIN

 

 

Firm’s address

 

 

Phone no.

 

 

 

 

 

 

 

 

 

For Privacy Act and Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 21115C

Form 1128 (Rev. 10-2014)

Form 1128 (Rev. 10-2014)

Page 2

 

 

 

Part II

Automatic Approval Request (see instructions)

 

• Identify the revenue procedure under which this automatic approval request is filed

Section A—Corporations (Other Than S Corporations or Personal Service Corporations) (Rev. Proc. 2006-45, or its successor)

Yes No

1Is the applicant a corporation (including a homeowners association (section 528)) that is requesting a change in tax year and is allowed to use the automatic approval rules under section 4 of Rev. Proc. 2006-45 (or its

successor)? (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . .

2Does the corporation intend to elect to be an S corporation for the tax year immediately following the short period?

If “Yes” and the corporation is electing to change to a permitted tax year, file Form 1128 as an attachment to Form 2553.

3Is the applicant a corporation requesting a concurrent change for a CFC, FSC or IC-DISC? (see instructions) .

Section B—Partnerships, S Corporations, Personal Service Corporations (PSCs), and Trusts (Rev. Proc. 2006-46, or its successor)

4Is the applicant a partnership, S corporation, PSC, or trust that is requesting a tax year and is allowed to use the

automatic approval rules under section 4 of Rev. Proc. 2006-46 (or its successor)? (see instructions) . . . .

5Is the partnership, S corporation, PSC, or trust requesting to change to its required tax year or a partnership, S corporation, or PSC that wants to change to a 52-53 week tax year ending with reference to such tax year? .

6Is the partnership, S corporation, or PSC (other than a member of a tiered structure) requesting a tax year that coincides with its natural business year described in section 4.01(2) of Rev. Proc. 2006-46 (or its successor)? Attach a statement showing gross receipts for the most recent 47 months. (See instructions for information

 

required to be submitted)

7

Is the S corporation requesting an ownership tax year? (see instructions)

8

Is the applicant a partnership requesting a concurrent change pursuant to section 6.09 of Rev. Proc. 2006-45

 

 

(or its successor) or section 5.04(8) of Rev. Proc. 2002-39 (or its successor)? (see instructions)

Section C—Individuals (Rev. Proc. 2003-62, or its successor) (see instructions)

9Is the applicant an individual requesting a change from a fiscal year to a calendar year? . . . . . . . .

Section D—Tax-Exempt Organizations (Rev. Proc. 76-10 or 85-58) (see instructions)

10Is the applicant a tax-exempt organization requesting a change? . . . . . . . . . . . . . . .

Part III

Ruling Request (All applicants requesting a ruling must complete Section A and any other section that

 

 

applies to the entity. See instructions.) (Rev. Proc. 2002-39, or its successor)

 

Section A—General Information

Yes No

1Is the applicant a partnership, S corporation, personal service corporation, or trust that is under examination by

the IRS, before an appeals office, or a Federal court? . . . . . . . . . . . . . . . . . . . If “Yes,” see the instructions for information that must be included on an attached explanation.

2Has the applicant changed its annual accounting period at any time within the most recent 48-month period

ending with the last month of the requested tax year? . . . . . . . . . . . . . . . . . . .

If “Yes” and a letter ruling was issued granting approval to make the change, attach a copy of the letter ruling, or if not available, an explanation including the date approval was granted. If a letter ruling was not issued, indicate when and explain how the change was implemented.

3Within the most recent 48-month period, has any accounting period application been withdrawn, not perfected,

denied, or not implemented? . . . . . . . . . . . . . . . . . . . . . . . . . . . If “Yes,” attach an explanation.

4a Is the applicant requesting to establish a business purpose under section 5.02(1) of Rev. Proc. 2002-39 (or its successor)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If “Yes,” attach an explanation of the legal basis supporting the requested tax year (see instructions).

bIf your business purpose is based on one of the natural business year tests under section 5.03, check the applicable box.

Annual business cycle test

Seasonal business test

25-percent gross receipts test

Attach a statement showing gross receipts from sales and services (and inventory cost if applicable) for the test period. (see instructions)

5Enter the taxable income or (loss) for the 3 tax years immediately preceding the year of change and for the short period. If necessary, estimate the amount for the short period.

Short period

$

First preceding year

$

Second preceding year

$

Third preceding year

$

Note: Individuals, enter adjusted gross income. Partnerships and S corporations, enter ordinary income. Section 501(c) organizations, enter unrelated business taxable income. Estates, enter adjusted total income. All other applicants, enter taxable income before net operating loss deduction and special deductions.

Form 1128 (Rev. 10-2014)

Form 1128 (Rev. 10-2014)

 

 

 

 

 

Page 3

 

 

 

 

 

6 Corporations only, enter the losses or credits, if any, that were generated or that expired in the short period:

Yes No

 

 

Generated

 

Expiring

 

Net operating loss

$

 

$

 

 

 

Capital loss

$

 

$

 

 

 

Unused credits

$

 

$

 

 

 

7Enter the amount of deferral, if any, resulting from the change (see section 5.05(1), (2), (3) and 6.01(7) of

 

Rev. Proc. 2002-39, or its successor) . . . . . . . . . . . . . . . . .

$

 

 

 

 

8a

Is the applicant a U.S. shareholder in a CFC?

. . . . . .

 

 

 

If “Yes,” attach a statement for each CFC providing the name, address, identifying number, tax year, the

 

 

 

percentage of total combined voting power of the applicant, and the amount of income included in the gross

 

 

 

income of the applicant under section 951 for the 3 tax years immediately before the short period and for the

 

 

 

short period.

 

 

 

 

 

b

Will each CFC concurrently change its tax year?

. . . . . .

 

 

 

If “Yes” to line 8b, go to Part II, line 3.

 

 

 

 

 

 

If “No,” attach a statement explaining why the CFC will not be conforming to the tax year requested by the U.S.

 

 

 

shareholder.

 

 

 

 

 

9a

Is the applicant a U.S. shareholder in a PFIC as defined in section 1297?

. . . . . .

 

 

If “Yes,” attach a statement providing the name, address, identifying number, and tax year of the PFIC, the percentage of interest owned by the applicant, and the amount of distributions or ordinary earnings and net capital gain from the PFIC included in the income of the applicant.

bDid the applicant elect under section 1295 to treat the PFIC as a qualified electing fund? . . . . . . .

10a Is the applicant a member of a partnership, a beneficiary of a trust or estate, a shareholder of an S corporation, a shareholder of an IC-DISC, or a shareholder of an FSC? . . . . . . . . . . . . . . . . . .

If “Yes,” attach a statement providing the name, address, identifying number, type of entity (partnership, trust, estate, S corporation, IC-DISC, or FSC), tax year, percentage of interest in capital and profits, or percentage of interest of each IC-DISC or FSC and the amount of income received from each entity for the first preceding year and for the short period. Indicate the percentage of gross income of the applicant represented by each amount.

b Will any partnership concurrently change its tax year to conform with the tax year requested? . . . . . . c If “Yes” to line 10b, has any Form 1128 been filed for such partnership? . . . . . . . . . . . . .

11Does the applicant or any related entity currently have any accounting method, tax year, ruling, or technical

advice request pending with the IRS National Office? . . . . . . . . . . . . . . . . . . . If “Yes,” attach a statement explaining the type of request (method, tax year, etc.) and the specific issues involved in each request.

12Is Form 2848, Power of Attorney and Declaration of Representative, attached to this application? . . . .

13Does the applicant request a conference of right (in person or by telephone) with the IRS National Office, if the

 

IRS proposes to disapprove the application?

. . . . . . . . . . .

. .

 

 

 

 

14

Enter amount of user fee attached to this application (see instructions)

. . . . . . . . . .

$

Section B—Corporations (other than S corporations and controlled foreign corporations) (see instructions)

15Enter the date of incorporation.

Yes No

16a

Does the corporation intend to elect to be an S corporation for the tax year immediately following the short

 

 

 

period?

b

If “Yes,” will the corporation be going to a permitted S corporation tax year?

 

If “No” to line 16b, attach an explanation.

 

 

17

Is the corporation a member of an affiliated group filing a consolidated return?

 

If “Yes,” attach a statement providing (a) the name, address, identifiying number used on the consolidated return,

 

 

tax year, and Service Center where the applicant files the return; (b) the name, address, and identifying number of

 

 

each member of the affiliated group; (c) the taxable income (loss) of each member for the 3 years immediately

 

 

before the short period and for the short period; and (d) the name of the parent corporation.

 

 

 

 

 

 

18a

Personal service corporations (PSCs): Attach a statement providing each shareholder’s name, type of entity

 

 

 

(individual, partnership, corporation, etc.), address, identifying number, tax year, percentage of ownership, and

 

 

 

amount of income received from the PSC for the first preceding year and the short period.

 

 

bIf the PSC is using a tax year other than the required tax year, indicate how it obtained its tax year.

Grandfathered (attach copy of letter ruling)

Section 444 election (date of election

)

Letter ruling (date of letter ruling

(attach copy))

 

 

Form 1128 (Rev. 10-2014)

Form 1128 (Rev. 10-2014)

 

 

 

 

 

Page 4

 

 

 

 

 

 

 

 

Section C—S Corporations (see instructions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

Enter the date of the S corporation election.

 

 

 

 

 

Yes

No

 

 

 

 

 

 

 

 

20

Is any shareholder applying for a corresponding change in tax year?

. . .

 

 

 

If “Yes,” each shareholder requesting a corresponding change in tax year must file a separate Form 1128 to get

 

 

 

advance approval to change its tax year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

If the corporation is using a tax year other than the required tax year, indicate how it obtained its tax year.

 

 

 

 

 

Grandfathered (attach copy of letter ruling)

Section 444 election (date of election

 

 

 

)

 

 

 

Letter ruling (date of letter ruling

(attach copy))

 

 

 

 

 

 

 

 

 

22

Attach a statement providing each shareholder’s name, type of shareholder (individual, estate, qualified

 

 

 

subchapter S Trust, electing small business trust, other trust, or exempt organization), address, identifying

 

 

 

number, tax year, percentage of ownership, and the amount of income each shareholder received

from the S

 

 

 

corporation for the first preceding year and for the short period.

 

 

 

 

 

 

 

 

 

 

 

 

 

Section D—Partnerships (see instructions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

Enter the date the partnership’s business began.

 

 

 

 

 

Yes

No

 

 

 

 

 

24

Is any partner applying for a corresponding change in tax year?

. . .

 

25Attach a statement providing each partner’s name, type of partner (individual, partnership, estate, trust, corporation, S corporation, IC-DISC, etc.), address, identifying number, tax year, and the percentage of interest in capital and profits.

26 Is any partner a shareholder of a PSC as defined in Regulations section 1.441-3(c)?

If “Yes,” attach a statement providing the name, address, identifiying number, tax year, percentage of interest

in

capital and profits, and the amount of income received from each PSC for the first preceding year and for the

 

short period.

 

27If the partnership is using a tax year other than the required tax year, indicate how it obtained its tax year.

Grandfathered (attach copy of letter ruling)

Section 444 election (date of election

)

Letter ruling (date of letter ruling

(attach copy))

 

 

Section E—Controlled Foreign Corporations (CFC)

28Attach a statement for each U.S. shareholder (as defined in section 951(b)) providing the name, address, identifying number, tax year, percentage of total value and percentage of total voting power, and the amount of income included in gross income under section 951 for the 3 tax years immediately before the short period and for the short period.

Section F—Tax-Exempt Organizations

29 Type of organization:

Corporation

Trust

Other (specify)

Yes No

30Date of organization.

31Code section under which the organization is exempt.

32Is the organization required to file an annual return on Form 990, 1120-C, 990-PF, 990-T, 1120-H, or 1120-POL?

33 Enter the date the tax exemption was granted. . Attach a copy of the letter ruling granting

exemption. If a copy of the letter ruling is not available, attach an explanation.

34If the organization is a private foundation, is the foundation terminating its status under section 507? . . .

Section G—Estates

35Enter the date the estate was created.

36a Attach a statement providing the name, identifying number, address, and tax year of each beneficiary and each person who is an interested party of any portion of the estate.

bBased on the adjusted total income of the estate entered in Part III, Section A, line 5, attach a statement showing the distribution deduction and the taxable amounts distributed to each beneficiary for the 2 tax years immediately before the short period and for the short period.

Section H—Passive Foreign Investment Companies

37If the applicant is a passive foreign investment company, attach a statement providing each U.S. shareholder’s name, address, identifying number, and percentage of interest owned.

Form 1128 (Rev. 10-2014)

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form1128 writing process explained (portion 1)

2. When this selection of fields is filled out, go on to type in the applicable information in these: Retain a tax year ending, If changing a tax year indicate, and ending, Yes, If No attach an explanation, Cash receipts and disbursements, Accrual method, Other method specify, State the nature of the applicants, SignatureAll Filers See Who Must, Under penalties of perjury I, Signature of filer, Date, Type or print name and title, and Sign Here.

Filling in part 2 of form1128

3. This part is generally simple - complete all of the blanks in Paid Preparer Use Only, Firms name, Firms address, Check if selfemployed, Firms EIN, Phone no, For Privacy Act and Paperwork, Cat No C, and Form Rev to complete this process.

form1128 writing process clarified (part 3)

Regarding For Privacy Act and Paperwork and Firms name, make sure you get them right in this current part. Both these are considered the key ones in the file.

4. The next part will require your involvement in the subsequent areas: Form Rev Part II Automatic, Identify the revenue procedure, Section ACorporations Other Than S, Is the applicant a corporation, Section BPartnerships S, its successor, Is the applicant a partnership S, Is the partnership S corporation, Section CIndividuals Rev Proc or, and Is the applicant an individual. Just remember to give all required information to go further.

Tips on how to fill out form1128 step 4

5. This pdf needs to be concluded by filling in this section. Further you'll see a comprehensive listing of fields that need correct information for your form submission to be complete: Section DTaxExempt Organizations, Is the applicant a taxexempt, applies to the entity See, Section AGeneral Information, Yes No, Is the applicant a partnership S, Has the applicant changed its, ending with the last month of the, If Yes and a letter ruling was, Within the most recent month, denied or not implemented If Yes, a Is the applicant requesting to, successor If Yes attach an, Annual business cycle test, and Seasonal business test.

form1128 completion process shown (step 5)

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