Changing the tax filing period

[nabonabo]

Hello.

My client will change the tax filing period ending from January to February.

I will file their tax return of the ending 1/31/2025 soon.

Is next filing period from 2/1/2025 to 2/28/25?

I will send  Form 1128 to the IRS.

I want to make sure about this.

Thank you for your help!!

[TaxGuyBill]

Yes.

Be aware that you won't be able to e-file the following tax return (3/1/25 to 2/28/26), so it will need to be paper-filed.

[nabonabo]

Thank you very much!

I will do paper filing that filing period!!

[nabonabo]

I have one more question comes up.

Should I file 2025 Forms for this short period?

I think I should use 2025 Forms for 2/1/25 to 2/28/25 and 03/01/25 to 02/28/26 for 2 times.

Is this correct?

[TaxGuyBill]

Yes, the entity business return is based on the first day of the tax year.  Because they were both in 2025, they will both use 2025 forms.

If the business is a pass-through entity that issues K-1s, the K-1s are entered on the 1040 based on the last day of the entity tax year.  The means the K-1 for 2/1/25 to 2/28/25 would go on the 2025 Form 1040 and the K-1 for 3/1/25 to 2/28/26 would go on the 2026 Form 1040.

[nabonabo]

Thank you very much.

Your answer is extremely easy to understand.

Thank you so much!!

[George4Tacks]

@TaxGuyBill When is the due date for the 2/1/25 - 2/28/25? When are 2025 tax forms available?

I think this return is a paper return done on 2024 tax forms.  I could be either 50% right or 100% right, maybe. I would be nice if @nabonabo shared the type of return being filed. 

[TaxGuyBill]

You are right that even with an extension (which I highly recommend filing), it is questionable it the 'final' forms will be ready by the due date.

Options could be to paper-file on Draft 2025 forms or to use 2024 forms and cross-out the 2024 and write "2025".  Either way, it should be on a 2025 form (even if it is a 2024 form modified to 2025) and prepared according to 2025 laws.