True...Corporations can with the consent of shareholders and the IRS change their year end.
Changing a Company's Tax Year End A C-Corporation may change its year-end without prior approval if: 1. It has not changed its annual accounting period at any time within the preceding 10 calendar years, ending with the calendar year in which the short period which will result from the change begins 2. It does not have a net operating loss for the short period The taxable income for the short period, if annualized, is at least 80% of the taxable income for the full taxable year immediately preceding the short period 3. The corporation files a statement with the District Director of the IRS no later than the time (including extensions) for filing the short period return, indicating that the corporation is changing its annual accounting period and setting forth the information necessary to show that the fist three conditions listed above have been met. 4. A partnership, S-corporation or personal service corporation which changes from is current year-end to a new required year-end (generally the calendar year) also does not need prior approval.
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