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I have a C-corp with a fiscal year ending 10/31 that is going to be doing a spin off to separate a portion of his business. My question is this....can the new entity have a different year end than the parent company? He would like to put the new entity on a calendar year end. I have done tons of research but cannot find an answer to that question. Any help is appreciated! Thanks!
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Not sure enough information is provided. However the answer might be simpler than …
perhaps determining if new EIN is required will answer the question. Does this help:
https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein
regards.
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Thanks for your reply. I know that a new EIN will be needed for the spin off entity but I'm just unsure if the new entity needs to follow the parent company fiscal year end or not?