How to change from fiscal to calendar for our LLC
We formed an LLC partnership and when our EIN was originally set up, whoever filed it selected a fiscal year instead of a calendar year. Now we’re running into a problem because the business tax return is on a fiscal year, while all partners file personal taxes on a calendar year.
This mismatch is causing delays and forcing partners to extend their personal returns while waiting for K-1s. We want to switch the LLC from a fiscal year to a calendar year, but the IRS responses haven’t been very clear and we keep getting different answers.
Has anyone here gone through this process before? Who exactly should we contact or what form/process is needed to officially change the partnership tax year from fiscal to calendar year? Any advice would be appreciated.