Change from a fiscal year end to a calendar year end
Do the following to change from a fiscal year end to a calendar year end.
- In the existing client, complete theTax year beginningfield in the1120screen in theGeneralfolder.
- Change theTax year endingfield in the1120screen to the calendar year end date.noteFor S Corporations, selectThe client is changing their fiscal year endin theTax Year Endwindow.
If the corporation has asset information entered in the asset module, enter the prior fiscal year end date in the
Most recent
field in the 1120
screen. You'll also need to open the asset module and select Tasks
, then Calculate all assets
to calculate short-year depreciation on all assets.
