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FAQ

How do I select a fiscal year instead of calendar year for my first tax return?
Quoting 26 CFR 301.7701(b)-6:An alien individual who has not established a fiscal year as his or her taxable year prior to the period that the individual is subject to United States income tax as a resident or a nonresident shall adopt the calendar year as his or her taxable year. An alien who has established a fiscal year in a foreign country prior to the period that the individual is subject to United States income tax may adopt the calendar year as his or her taxable year for United States income tax purposes without requesting a change in accounting period. An individual will be considered to have established a fiscal year (whether in the United States or a foreign country) if the annual accounting period on which the individual computes his or her income is a fiscal year, the individual keeps his or her books in accordance with that fiscal year, and the requirements of section 441 and § 1.441-1(b) of this chapter are otherwise satisfied.If you have established a year other than a calendar year as a fiscal year prior to being subject to US taxes, you file your first tax return with the IRS using that tax year - you state the date range at the top of Form 1040. Note that if you don't file on a calendar year basis, and your fiscal year ends after June 30 of the following year, you may not be able to file your return electronically - the IRS usually shuts off electronic filing on or shortly after October 15, which is the due date for fiscal year returns for fiscal years ending on June 30.The general rule is that you have to be maintaining books and records on the basis of the fiscal year that you choose to adopt - if you don't maintain books and records, you have to use the calendar year. Also, if your annual accounting period doesn't correspond with a fiscal year (i.e. doesn't end on the last day of the month), you also must use a calendar year.Unless you have a compelling business reason to use a calendar year other than a business year, or you have already established an annual accounting period that meets the legal definition of a fiscal year. I generally recommend using the calendar year for people in your situation. You probably should discuss this with a tax professional in your area - there are a lot of ramifications to using a fiscal year other than the calendar year that you may not be adequately prepared to handle.
How can I set tax year from January to December for registered LLC in October 2018?
Box 12 on IRS form SS-4 (what you fill out to get your Federal Employer Identification Number) is where you select your fiscal year end.https://www.irs.gov/pub/irs-pdf/...If it is a single member LLC which you will disregard and treat as a sole proprietorship, you are required to use a December 31 fiscal year end (and no election is necessary).
What are the consequences of a short tax year in the USA?
If you chose to file as a fiscal filer you should be fine as long as you use the established months as your fiscal year.A tax year, whether fiscal or calendar, that is less than one year in length. Short tax years occur either when a business is started or the method of accounting is changed. Short tax years occur only for businesses, never for individual taxpayers, because individuals must file on a calendar-year basis and do not have the option of choosing a fiscal year.BREAKING DOWN 'Short Tax Year'If a business begins in the middle of May, and the business owner wishes to file on a calendar-year basis, the business will have a short tax year, with income and expenses for only 8.5 months reported on the 1040. A similar situation would occur if the business owner wished to use a fiscal year that began in a different month than that in which the business was established.A short tax year can also occur when a business desires to change its taxable year. For example, a business that reports income from June to June every year decides to change its fiscal year to begin in October. Therefore, a short tax year from June to October must be reported.A fiscal year (FY) is a period that a company or government uses for accounting purposes and preparing financial statements. A fiscal year may not be the same as a calendar year, and for tax purposes, the Internal Revenue Service (IRS) allows companies to be either calendar-year taxpayers or fiscal-year taxpayers. Fiscal years are commonly referred to when discussing budgets and are often a convenient period to reference when comparing a government's or company's financial performance over time.Choosing Between Calendar Years and Fiscal YearsIn the United States, eligible businesses can adopt a fiscal year for tax reporting purposes simply by submitting their first income tax return observing that fiscal tax year. At any time, these businesses may elect to change to a calendar year. However, businesses that want to change from a calendar year to a fiscal year must get special permission from the IRS or meet one of the criteria outlined on Form 1128, Application to Adopt, Change, or Retain a Tax Year.Individuals and corporations can use a relief procedure to figure the tax for the short tax year. It may result in less tax. Under this procedure, the tax is figured by two separate methods. If the tax figured under both methods is less than the tax figured under the general rule, you can file a claim for a refund of part of the tax you paid.For more information, see section 443(b)(2).Also, for additional information you may read more at this website: Short Tax Year http://www.investopedia.com/term...Hope this information is helpful.
What is the IUPAC name of CH3CH2ONa?
IUPAC drives me crazy sometimes.Nomenclature of Organic Chemistry (RSC Publishing) Henri A Favre, Warren H PowellP-72.2.2.2.2 Anions derived from hydroxy compounds (p 1071)The traditional names methoxide, ethoxide, propoxide (but not isopropoxide), butoxide, tert-butoxide, phenoxide, and aminoxide, for [math]CH_3O^-[/math], [math]C_2H_5O^-[/math], [math]C_3H_7O^-[/math], [math]C_4H_9O^-[/math],[math](CH_3)_3CO^-[/math], [math]C_6H_5O^-[/math], and [math]H_2NO^-[/math] , are retained as preferred IUPAC names.P-77.2 Salts derived from Alcohols (p 1128)Preferred IUPAC names are binary names formed by citing the name of the cation followed by that of the anion (see P-72.2.2.2.2 ).HUH??So if we need to name only the anion (ethoxide) we need to use the traditional names, but if we combine it with sodium we need to use the systematic name (sodium ethanolate)??C’mon IUPAC get a grip !! This doesn’t make sense !!So I double checked the errata.Corrections to Blue BookThe example that I copied was from page 1128; this page is not mentioned in the errata, but it is clear from the correction on page 719 that IUPAC intends to use the traditional names.Sosodium ethoxide (PIN)sodium ethanolate (accepted for general nomenclature)
C-Corp change fiscal year ending before first tax filing but after SS-4?
If you incorporated in 2021. then you should have already filed returns for 2021 and 2021. also 2021 is due unless you filed an extension.  If you have not filed tax returns for 10, 11 and 12, you are still passed the due dates of the returns and so will have to file an 1128, after filing calendar year returns for the open years.  You don't qualify for the first year exception if your first tax return is already 2 years late. California requires that for CA state tax, corporations adopt the same tax year as they have for federal tax purposes, unless granted an exemption, so once the federal tax year is changed CA will be changed also.
Should I change my startup's tax year to a fiscal year end, eg June 30th instead of December 31st? What are the benefits and drawbacks to doing so?
NO, DON’T DO IT.NO. NO. NO.Do not change your startup’s fiscal year end. Keep it to Dec 31.Generally, we highly advise clients against changing their tax year (and fiscal year) unless there is a very strong business purpose in order to avoid pitfalls of missed tax and statutory deadlines. Some deadlines will shift with a company's fiscal year (such as the corporate income tax return), while other deadlines will remain on a calendar basis, depending on jurisdiction and type of tax (1099s, payroll taxes, sales taxes, property taxes, etc.). Overall, this complicates tax compliance heavily while providing very little benefit.Additionally, your startup tax CPA would need to file a short year-year return for the year in which the change would occur, which would mean two tax returns in one year.If you are looking into a change of fiscal year because of a presentation standpoint, you can always present your financials to the board in any given increment you like (6/1/17-5/31/18) or one that better illustrates the life cycle of the business as this would not complicate the tax return filing.….But if you (are a crazy person and) decide to change your fiscal year end, here's how to do it for Federal tax purposes:IRS approval is required to change your tax year end, but under certain circumstances, a C-corporation can change tax year end under automatic approval procedures.Among the basic requirements to qualify for an automatic change:the corporation must not have changed its tax year within the prior 48 months;the corporation must annualize its taxable income for a short tax year (This means that a startup with a 1/31 fiscal year end would file a 1-month short year-year return for 1/1/2018-1/31/2018, but annualize the income to ensure that the company is not getting any benefits from short-year tax attributes).various other requirements to ensure the year-end change is not a method of tax avoidance (about a dozen other rules, but most are not applicable to startups).A corporation, which does not qualify for an automatic change may still be able to obtain consent from the IRS for the change under the non-automatic procedures as long as it can establish a valid business purpose (note: reduction or avoidance of tax is not considered a valid business purpose). IRS has prescribed a series of tests for establishing a business purpose for a requested annual accounting period - testing when revenue is earned, or the natural business cycle of the company, or other "facts & circumstances".To request permission from the IRS for a change (including changes which are automatically approved), the company must file Form 1128 (Application for Change in Accounting Period) no later than the due date for the federal tax return for the short tax year, but no earlier than the last day of your short year (So a startup with a 1/31 fiscal year end must apply for the change between January 1, 2021 and May 15, 2021 after the short tax year ending 1/31/2018).If you receive IRS approval for your short tax year ending 1/31, your short-year-return 2021 (and all subsequent fiscal year returns) would be due May 15, but can be extended to November 15 each year. As mentioned above, many of your other tax filing deadlines would remain on a calendar basis (such as payroll tax, W-2s, 1099s, certain state taxes, property taxes, sales taxes, etc.).Since most startups ate the Seed - Series B stage is a loss company (and since tax rates have recently all been lowed to a flat 21% for C-corporations) I don't anticipate any tax complications from a change in year-end.
How did J.S Bach write all his 1128 works?
“The essential work, however, took place at the desk in his studio, which provided him with all he needed: stacks of paper; black for dark-brown) and red ink pots and a supply of copper-gallic ink powder to be mixed with water; raven quills and a knife for preparing and sharpening quill pens - the same knife was used also for…”This is a snippet from J.S.Bach, the Learned Musician, by Christoph Wolff, which gave me not only more of what I know about Bach than all other sources combined (except the music itself), but also an armchair tour of Northern Europe in the 18th Century - fascinating book.Bach wrote more than 1128 works - those are just the BWV numbers in the main catalogue "Bach-Werke-Verzeichnis” = BWV. Dozens of pieces have been lost; and a few were written by others but attributed to him, so no number is exact (I myself have published one cantata and no songs, but have written 20 cantatas and 400 songs, but I am not Bach (“Ich bin nicht Bach”). I cannot find any source that verifies the legend that he wrote a fugue every day before breakfast - but it’s not too impossible to believe.Anything you do, if you keep it up, you can produce enormous amounts of anything. I live on a hillside above Rainier, Oregon, and need to go over the Columbia River to go to work. Just two separate trips a day, each taking about the time it would take Bach to write a short composition. The Bridge gets repaired a lot, and it’s a nuisance (especially if the bridges in Portland are being fixed and traffic comes up our way in addition). Once while waiting in line, I thought, “how much do I actually use this bridge?” Twice a day on the average, over and back = 4, x 365 days in a year = 1500 crossings a year. I’ve lived here 22 years, so 1500 x 22 = 33,000 trips! Bach’s active lifetime as a composer = age 20 to age 65 = 45 years. Enough?We can be grateful that he was successful at finding good jobs and could afford to buy ink and paper, which was recycled from rags, and very expensive to produce, as if today you took the best photo paper you could buy - dollars for each sheet - and used it for writing music. Of course, Bach’s music was - priceless.
What is older Portugal or Denmark?
It depends on your definition of independence, or what national identity is, but I would say the Danes are slightly older than Portugal, but not by much.In 965 AC the Danish kingdoms unified and Christianized under Harald I Gormson, however, only on 5 June 1849 did the become a parliamentary constitutional monarchy. For most, 965AD is the date of “sovereignty”, or when unification was achieved as a nation, empire, or trusteeship. For others, the date given may not represent "independence" in the strict sense, but rather some significant nationhood event such as the traditional founding date or the date of unification, or a fundamental change in the form of government, or state succession.Looking at Portugal, and even though there was already a County of Portucale since the year 868 AD, Portugal traces its national origin to 24 June 1128, the date of the Battle of São Mamede when Afonso Henriques, son of the deceased Count Henry of Burgundy, faught his mother’s army, Teresa of Leon (daughter of Leon’s King Afonso VI, along with her lover’s army, this one interested in keeping the county land under Spanish rule. Afonso won the battle & after proclaimed himself, Prince of Portugal. In 1139 he assumed the title King of Portugal. In 1143, the Kingdom of León recognised him as King of Portugal by the Treaty of Zamora, and in 1179 the papal bull of Pope Alexander III, officially recognised Afonso I as legitimate King of Portugal.
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