Accounting periods

Changing an LLC’s Tax Year

An LLC's required year can change for several reasons. A change in the LLC's required year is treated as automatically approved by the IRS.

Determining the LLC’s Required Year

An LLC taxed as a C corporation can choose any year end as the tax year end; if an LLC is classified as a partnership for federal income tax purposes, however, its tax year is governed by Sec. 706(b). 

S Corporation Tax Year Rules

The use of a fiscal year defers reporting of the S corporation’s passthrough income to the shareholders and facilitates year-end tax planning.

Newsletter Articles

TAX REFORM

Traps for the unwary: Tax Cuts and Jobs Act changes

By now many of us are familiar with the various provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. Here is a list of changes together with (perhaps) unexpected nuances.

DEDUCTIONS

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.