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Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I am working on my Form 1023, application for 501(c)(3) status

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I am working on my Form 1023, application for 501(c)(3) status with the IRS. My question pertains to the Part IX (financial reporting) portion of the application. The business has been in operation for 4 years and in the previous four years I have filed my taxes on the regular tax year schedule; January - December. However, this non-profit will change its tax year to September - August. Should I report my previous years of financial information using the old (Jan - Dec) year or the new (Sept - Aug) year?
Hello gina,

When preparing the financial information in Part IX of the Form 1023, you should use the same accounting period as you entered on line 5 of Part I of that form.

Please refer to the following instructions on page 12 for "Preparing the Statement".

If you chose to have the accounting period end in August, then that is the same period you should use for your financial reporting.

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Thank you gina.

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