topic Can anyone help me?? New small business LLC. I used fiscal year end 7-1-20 to 1/31/21 & 2-1-21 to 1/31/22 for this tax year. The IRS sent a letter saying it's wrong. in Get your taxes done using TurboTax

Can anyone help me?? New small business LLC. I used fiscal year end 7-1-20 to 1/31/21 & 2-1-21 to 1/31/22 for this tax year. The IRS sent a letter saying it's wrong.

ALPHH — Tue, 10 Mar 2026 06:35:15 GMT

What did I do wrong?
How do I fix this? Help please

Anonymous_ — Fri, 07 Oct 2022 20:45:55 GMT

Is your LLC a single-member LLC without an election to be treated as a corporation for federal income tax purposes?

If so, it is a disregarded entity and you should likely have been reporting on Schedule C (Form 1040) on a calendar year basis.

Please provide more details, including how you reported and why you chose a fiscal year (and one that was a short year ending after December 31st).

Mike9241 — Fri, 07 Oct 2022 20:50:56 GMT

If you’re a C corporation, the IRS lets you choose between the standard calendar year or your own fiscal year schedule.

If you’re a partnership or an S corporation, you need to get permission from the IRS before adopting a fiscal year.

you needed to file form 8716

a single member LLC is a disregarded entity so would be treated as a sole proprietorship that must use a calendar year.

ALPHH — Thu, 13 Oct 2022 01:24:48 GMT

thank you