Looking for a Form 1128 Templates? Download it for free!

Note. The user fees referred to in

For example, a Passive Foreign

purpose. For more information, see

the above paragraphs are published

Rev. Proc. 2006-46.

Investment Company (PFIC)

in Rev. Proc. 2007-1 (exempt

completes Section B and attaches the

If any shareholder is applying for a

organizations, see Rev. Proc.

statement required by Section H.

corresponding change in tax year,

2007-8), or an annual update. The

Complete Sections B and F for a

that shareholder must file a separate

annual updates are published as

tax-exempt organization that is a

Form 1128 to get advance approval

revenue procedures in the Internal

corporation.

to change its tax year.

Revenue Bulletin. The Internal

Note. In addition to excluding CFC’s

Revenue Bulletins can be accessed

Section D—Partnerships

from Section B, 10/50 corporations

at The fees for 2008

are also excluded.

A partnership must obtain advance

are in Internal Revenue Bulletin

approval from the IRS to adopt,

2008-1.

Section C—S Corporations

change, or retain a tax year unless it

Payment of the user fee (check or

is not required to file Form 1128, or it

An S corporation must have a

money order made payable to the

meets one of the automatic approval

permitted tax year unless it has

Internal Revenue Service) must be

rules discussed in Part II, Section B

elected under section 444 to have a

attached to Form 1128 at the time the

on page 5. See Exceptions on page

tax year other than the required tax

form is filed. See Rev. Proc. 2007-1

year. A “permitted tax year” is:

for more information.

Partners must also get separate

1. A tax year that ends on

advance approval to change their tax

December 31 or

Section B—Corporations

years.

2. Any other tax year if the

(Other Than S Corporations

corporation can establish a business

Line 23. Enter the first date a

and Controlled Foreign

purpose to the satisfaction of the IRS.

business transaction resulted in a tax

Corporations)

consequence, such as receiving

Corporations must complete this

For purposes of 2, above, any

income or incurring an expense.

section and any other section in Part

deferral of income to shareholders

will not be treated as a business

III that applies to that particular entity.

Privacy Act and Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal

Revenue laws of the United States. Section 442 says that you must obtain IRS approval if you want to adopt, change,

or retain a tax year. To obtain approval, you are required to file an application to adopt, change, or retain a tax year.

Section 6109 requires that you disclose your taxpayer identification number (SSN or EIN). Failure to provide this

information in a timely manner could result in approval of your application being delayed or withheld. Providing false

information could subject you to penalties.

Our authority to ask for information is sections 6001, 6011, and 6012(a) and their regulations, which require you to

file a return or statement with us for any tax for which you are liable. Your response is mandatory under these sections.

Section 6109 requires that you provide your SSN or EIN on what you file. This is so we know who you are, and can

process your return and other papers. You must fill in all parts of the form that apply to you.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act

unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be

retained as long as their contents may become material in the administration of any Internal Revenue law. Generally,

tax returns and return information are confidential, as required by section 6103.

However, section 6103 allows or requires the Internal Revenue Service to disclose or give the information shown on

your application to others as described in the Code. For example, we may disclose your tax information to the

Department of Justice to enforce the tax laws, both civil and criminal, and to cities, states, the District of Columbia, U.S.

commonwealths or possessions, and certain foreign governments to carry out their laws. We may also disclose this

information to federal and state agencies to enforce federal nontax criminal laws and to combat terrorism.

Keep this notice with your records. It may help you if we ask you for other information. If you have any questions

about the rules for filing and giving information, call or visit any Internal Revenue Service office.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated

burden for individual taxpayers filing this form is approved under OMB control number 1545-0074 and is included in the

estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers

who file this form is shown below.

Preparing

and sending

Learning about the

the form to

Recordkeeping

law or the form

the IRS

Parts I and II

8 hr., 36 min.

5 hr., 51 min.

6 hr., 15 min.

Parts I and III

22 hr., 14 min.

5 hr., 37 min.

7 hr., 26 min.

If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler,

we would be happy to hear from you. You can write to the Internal Revenue Service, Tax Products Coordinating

Committee, SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send the tax

form to this office. Instead, see Where To File on page 2.

-8-

Instructions For Form 1128 - Application To Adopt, Change, Or Retain A Tax Year - Internal Revenue Service - 2008 Page 8

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