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Teresa, Samantha, and Melanie have operated Broken Feather LLC for the last four years using a...

Teresa, Samantha, and Melanie have operated Broken Feather LLC for the last four years using a calendar year-end. Each has a one-third interest. Since they began operating, their busy season has run from June through August, with 35% of their gross receipts coming in July and August. The members would like to change their tax year-end and have asked you to address the following: a) can they change to an August 31 year-end and if so, how do they make the change and 2) can they change to a September 30 year-end and if so, how do they make the change?

Can they make either or both of the changes they propose?

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Answer #1

a) Yes, they can change the tax year-end to an August 31 year-end. Generally the tax year is counted from 1st Jan to 31st Dec. Once you have already adopted your tax year, then you have to get IRS approval to change it by making an application by filing Form 1128 to request a change in tax year.

b)Yes, they can also change the tax year-end to an September 30 year-end. Generally, the tax year is counted from 1st Jan to 31st Dec. Once you have already adopted your tax year, then you have to get IRS approval to change it by making an application by filing Form 1128 to request a change in tax year.

c)No, they can make changes either of the above only once at a time in a tax year.

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