Change from calendar year to fiscal year for an estate tax return

[jimtyrrell2]

Is it possible to change from a calendar year to a fiscal year with an estate tax return in the first year?  My brother filed the K-1 using a calendar year and electronically submitted it to the IRS early this month.  He was confused as to whether use a calendar year or a fiscal year?  If using fiscal year, the end of the year would be 3/31/18.  Will the IRS accept an amended K-1 because a mistake was made?  This will help defer income from 2017 to 2018.

[CarolynM · Accepted solution]

Yes, you can change to fiscal year and the IRS will accept amended returns to reflect the change, which will amend the K-1s.

If you use a fiscal year, taxes are due the 15th day of the 4th month following the close of the tax year. 

For more information, follow this link: Estate Fiscal Year v Calendar Year

[jimtyrrell2]

I assume you need to file Form 1128 to tell the IRS you are changing from a calendar year to a fiscal year, correct?  Do you need to fill out section III to give an explanation?  Assume you tell them the business reason is that you made a mistake when filing the initial return.  Correct?  Thanks for your help!!!