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CO online Form 1128: What You Should Know

The application to adopt, change, or retain a tax year changes on the 1st day of January for an annual return period ending in December, or February 15 of the year for a calendar tax period. Forms 1128 (and 886, if no return is due at all), 890 and 940 for non-return months during a year, are also issued by Revenue Procedure 2008-23, in place of the actual Form 1128. Form 1128 is not subject to approval by the Treasury Inspector General for Tax Administration (TI GTA) Application to Change and Retain an Account. Purpose: For an account that is now, or in the future, expected to be regularly closed and replaced by a new account, apply for an accounting period change to close the old account by changing the accounting period to the new account's close. To ensure an accurate close, file Form 1128 at the same time as any other request for a tax year change. For details on how to use the form, consult an experienced attorney. (Note: if you do not need to close or change a tax year on a current account, it is not necessary to amend Form 1128 until the account is closed or terminated) Application To Adopt or Change a Tax Year. Purpose: This is the first circulated draft of the Form 1128 for your review. Apply for a change in your business entity's tax year by filing Form 1128 or 886. For more information, consult an experienced attorney. (Note: if you did not use Form 886, it is not necessary to amend Form 1128 until the filing is received by IRS) Change in Accounting Period (change in business entity tax year) When a corporation, partnership, small business entity (S B E), or S corporation partner files a Form 1128 or 940, the last day to file for that business period is the 1st day of January for 2015, or February 15 of the year for a year ending in December. The previous year period for a business entity is extended until February 15 of that year if the taxpayer had tax years of 5 or more months for the current year. For more information on filing Form 1128 or its successor Forms 886 and 890 if any of your tax years has a month ending in February, see below. Incorrect Form 940 or Form 1128. For the current year, you can correct any errors on a 940 or 1128.

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