USA Tennessee Single Member LLC taxed as a C-corporation tax due date question


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Hello,

I have a quick question related to Tennessee single-member-llcs taxed as a C-corporation.

Say the LLC was formed on December 7th, 2018 and they file form 8832 in time to be taxed as a C-corporation.

None of the following apply (source: https://www.thebalancesmb.com/how-do-i-determine-my-company-s-fiscal-year-397563)

''Generally, anyone can adopt the calendar year as their tax year. However, if any of the following apply, you must adopt the calendar year:''
  • You keep no books or records;
  • You have no annual accounting period;
  • Your present tax year does not qualify as a fiscal year; or
  • You are required to use a calendar year by a provision of the Internal Revenue Code or the Income Tax Regulations.
Can the LLC, being new, legally adopt a fiscal year of December 31st and a fiscal year end of December 31st, 2019?

Would the form 1120 due date then be March 15th, 2020?
 
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kirby

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IRS Publication 538 says you can choose from two allowable tax years - a fiscal year, where you chose the "end" date (like March 31) or a calendar year, where the end date is 12/31. So since you say you want 12/31 then you have to have a calendar year as your tax year. From there, your first 1120 will show Date Incorporated as 12/7/18 so your tax year end is 12/31/18 and a return for 2018 is needed.
 
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IRS Publication 538 says you can choose from two allowable tax years - a fiscal year, where you chose the "end" date (like March 31) or a calendar year, where the end date is 12/31. So since you say you want 12/31 then you have to have a calendar year as your tax year. From there, your first 1120 will show Date Incorporated as 12/7/18 so your tax year end is 12/31/18 and a return for 2018 is needed.
So, a fiscal year end of September 30th, 2019 would be fine and form 1120 would then be due by December 14th, 2019?
 
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Also, is this article still relevant? It says I need to get permission to adopt a fiscal year? Other articles said I don't have to get permission and the fiscal year is determined by the first tax return:

''To get permission, you must file IRS Form 1128, Application To Adopt, Change, or Retain a Tax Year. You may have to pay a fee.''

[Source: https://www.nolo.com/legal-encyclopedia/choosing-fiscal-year-your-business.html]
 

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