Changing from a fiscal year end to a calendar year end (1120)

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New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Follow this procedure to change from a fiscal year-end to a calendar year-end.

  1. In the existing client, complete the Tax year beginning field in Screen 1120 in the General folder.
  2. Change the Tax year ending field in Screen 1120 to the calendar year-end date.

    Note: For S Corporations, select the The client is changing their fiscal year end option in the Tax Year End dialog.

If the corporation has asset information entered in the asset module, enter the prior fiscal year-end date in the Most recent field in Screen 1120. You will also need to open the asset module and choose Tasks > Calculate all assets to calculate short-year depreciation on all assets.

Related topic: 1120-US: Changing Tax Year End (FAQ)

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