When a client changes their fiscal year, we've always done a "short" year to match up with whatever their new fiscal year is. So – if a client has previously ended their fiscal year in September, but then decided to move to a December year end, they would have a "short" year of only 3 months, and then from thereon they would have a regular Jan – Dec Fiscal year.
They have always had to file two sets of Tax Returns in the example above, one for the previously ending September year end and one for the short year from September to December. My understanding is that's because it is the way the IRS wants it to be handled.
Sue Bennett | President
Bennett/Porter & Associates, Inc.
P. 503 620 3484 | F. 503 620 2765
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unfortunately, 13 is the maximum number of fiscal periods they can do. You are not going to be able to set a 15 period fiscal year. I would have suggested a "short year"; but like your idea of setting one month to a larger date range better.