Partnership using wrong tax year

[LRCPA]

Hi my client (an LLC taxed as a partnership) is a 67% owner of a foreign partnership. We file a Form 8865 for the FP.

I just was made aware that the FP should have the same year end as it's majority owner (which is a calendar year).

We have been filing like this for 8 years and I am not aware of getting any approval from the IRS.

Does anyone know how we would correct this?

Thanks for any guidance at all.

 

[smallbushelp]

You may want to contact the IRS or search their website. I think all you need to do is complete Form 1128. After this much time, you may not have to change the tax year after all.