What is a 1128 form?

Answer 1

A 1128 form, officially known as the "Application to Adopt, Change, or Retain a Tax Year," is used by businesses and organizations to request approval from the IRS for a change in their accounting period. This form helps entities alter their tax year to better align with their operational cycle or to comply with specific tax regulations. It is essential for ensuring that tax reporting is consistent and accurate according to the chosen tax year.