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Question on a corporate spin off
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Charper1841
Level 2
10-26-2022
07:30 PM
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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!
2 Comments 2
EstateAdmin
Level 1
10-26-2022
11:15 PM
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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.
Charper1841
Level 2
10-27-2022
11:16 AM
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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?
