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previous page Previous Page: Publication 542 - Corporations - Accounting Methods
next page Next Page: Publication 542 - Corporations - Recordkeeping
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taxmap/pubs/p542-005.htm#TXMP6a1eaf04

Accounting Periods


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previous topic occurrence Accounting Period next topic occurrence

A corporation must figure its taxable income on the basis of a tax year. A tax year is the annual accounting period a corporation uses to keep its records and report its income and expenses. Generally, corporations can use either a calendar year or a fiscal year as its tax year. A corporation must adopt a tax year by the due date (not including extensions) of its first income tax return.
taxmap/pubs/p542-005.htm#TXMP0a57e739

Personal service corporation.


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A personal service corporation must use a calendar year as its tax year unless:
If a personal service corporation makes a section 444 election, its deduction for certain amounts paid to employee-owners may be limited. See Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC), to figure the maximum deduction.
taxmap/pubs/p542-005.htm#TXMP55035c4d

Change of tax year.


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Generally, a corporation must get the consent of the IRS before changing its tax year by filing Form 1128. However, under certain conditions, a corporation can change its tax year without getting the consent. For more information see Form 1128 and Publication 538.
previous pagePrevious Page: Publication 542 - Corporations - Accounting Methods
next pageNext Page: Publication 542 - Corporations - Recordkeeping
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication