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I am looking for a quick fix for a problem with SBT. I have the following problem.
With permission from the IRS, our corporation elected S-Corporation status as of
7/1/01. S-Corporations must have a calendar tax year.
A short year tax return was filed for the period of 7/1/01 - 12/31/01.
We need to close the month and year in SBT as of 12/31/01, in order to comply with the s-corp regulation of a calendar tax year-
The new fiscal year would now be 1/1/02 - 12/31/02.
SBT WILL NOT allow this because the new fiscal year must have an ending date that falls within it
Fiscal year is named for the year it ends with)
EXAMPLE- Right now in SBT- Fiscal Year 2002 is 7/1/01-6/30/02
If the month/year was closed as of 12/31/01, the new Fiscal year would be the same name :Fiscal Year 2002 -1/1/02 - 12/31/02.
We have been given a suggestion about copying our data over and then treating it as a separate company and it would require double the amount of space. Our problem with this is 1) we do not have the space to allocate this transition and 2) we have our SBT set up for 6 companies and if we are to do then we would need to set up the informatation 6 times.
What we would like to do is to just go in and change it so that we can close the year 06/01-12/01 and then start the fiscal year 02.
Any suggesttions would be great.
With permission from the IRS, our corporation elected S-Corporation status as of
7/1/01. S-Corporations must have a calendar tax year.
A short year tax return was filed for the period of 7/1/01 - 12/31/01.
We need to close the month and year in SBT as of 12/31/01, in order to comply with the s-corp regulation of a calendar tax year-
The new fiscal year would now be 1/1/02 - 12/31/02.
SBT WILL NOT allow this because the new fiscal year must have an ending date that falls within it
Fiscal year is named for the year it ends with)EXAMPLE- Right now in SBT- Fiscal Year 2002 is 7/1/01-6/30/02
If the month/year was closed as of 12/31/01, the new Fiscal year would be the same name :Fiscal Year 2002 -1/1/02 - 12/31/02.
We have been given a suggestion about copying our data over and then treating it as a separate company and it would require double the amount of space. Our problem with this is 1) we do not have the space to allocate this transition and 2) we have our SBT set up for 6 companies and if we are to do then we would need to set up the informatation 6 times.
What we would like to do is to just go in and change it so that we can close the year 06/01-12/01 and then start the fiscal year 02.
Any suggesttions would be great.