How to Change the Fiscal Year for a Corporation in Massachusetts

By Tom Streissguth

If you decide to change a fiscal year for your Massachusetts corporation, and the change involves an amendment to your company's articles of organization, you must submit the change to a vote of shareholders. In Massachusetts, the law requires a majority vote of stockholders for any change in the articles of organization. You must also notify the state's revenue department, if you are operating a non-profit corporation.

Step 1

Complete IRS Form 1128, Application To Adopt, Change, or Retain a Tax Year. Any type of Massachusetts business entity, including individuals, partnerships, LLCs, corporations, cooperatives and non-profits, can use this form. Give the IRS the ending date of the new tax year in Section 2. On the second page of the form, you may request automatic approval of the request under certain circumstances. If the application is approved, you have to file Form 990, for a short-year corporate tax return.

Step 2

Obtain a Certificate of Change of Fiscal Year End from the Commissioner of Revenue, 1 Ashburton Place, Boston, Massachusetts 02108-1512. This form is for non-profit corporations and is also available on the Massachusetts Secretary of State website. You must include the new fiscal-year end date and the corporation's principle business address. Return it to the Commissioner of Revenue for written permission to change your fiscal year.

Ready to incorporate your business? Get Started Now

Step 3

Obtain Form 13, Notice of Designation of Fiscal Year End from the Massachusetts Department of Revenue if you are representing a newly organized for-profit corporation. Fill in the requested information, including the business name and address, as well as the proposed new fiscal year-end, and mail the form to Massachusetts Department of Revenue, 200 Arlington Street, Room 4300, Chelsea, MA 02150.

Ready to incorporate your business? Get Started Now
How to Change an LLC Filing as an S Corp to a Sole Proprietor

References

Related articles

Can I Change My LLC to an S-Corporation?

An LLC is an entity created under state law for federal tax purposes, and can be treated as a sole proprietorship, a partnership or a corporation. An S-corporation is an entity that passes corporate income, losses, credit and deductions to its individual shareholders for federal tax purposes. Choosing your business to be treated as an S-corporation by the IRS does not change its organization under state law as an LLC. Certain limitations must first be met before you change your LLC into an S-corporation.

How to Change From a Corporation to a Sole Proprietorship

As your company progresses, you may decide that you would be more successful with a different business structure. Corporations are responsible for a number of taxes, fees and filing requirements that sole proprietorships are generally able to avoid. However, converting business structures is essentially a process of dissolving the corporation and creating a new sole proprietorship. You should carefully consider whether the tax consequences and the time commitment are worth changing your business structure.

How to Change the Name of an LLC With the IRS

A limited liability company, or LLC, is a form of business association that combines the pass-through taxation and flexibility of a partnership with the limited liability of a corporation. The Internal Revenue Service does not recognize LLCs for the purposes of federal taxation, instead classifying them as a corporation, sole proprietorship or partnership. If you have changed the name of your LLC, reporting your name change to the Internal Revenue Service generally only requires indicating this on the company’s yearly tax return.

LLCs, Corporations, Patents, Attorney Help

Related articles

How to Change a Corporation to an LLC

Corporations may wish to change their form of organization to the limited liability company, or LLC, form for a number ...

How to Change the State of Incorporation

Corporations have several options when it comes to expanding to new locations or relocating the home base. The state ...

How Can a Nonprofit Change Its Name?

A nonprofit is organized under state law as either a corporation or an unincorporated association. A corporation, the ...

How to Form an S Corp in Florida

Creating an S corporation is a two-step process. First, the business must incorporate according to the laws of Florida ...

Browse by category
Ready to Begin? GET STARTED