Rev. Proc. 79-2

Section 1. Purpose

The purpose of this Revenue Procedure is to modify Rev. Proc. 76-9, 1976-1 C.B. 547, to indicate that an exempt organization desiring to change its accounting period should file Form 1128 (Application for Change in Accounting Period) with the Service Center where it files its annual information return (Form 990) rather than with the key District Director's office. This change will both simplify and expedite the processing of these applications.

Sec. 2. Background

Rev. Proc. 76-9 provides an administrative procedure whereby certain organizations wholly exempt from federal income tax may expeditiously obtain approval of a change in accounting period.

Sec. 3. Implementation

The first sentence of section 3.01 is changed to read as follows:

Subject to conditions contained in this section and in section 5 below, any organization wholly exempt from federal income tax desiring to change its annual accounting period may change its annual accounting period by filing an application on Form 1128 with the Service Center where it files its annual information return (Form 990).

The second sentence of section 3.02 is changed to read as follows:

Unless a letter is received by the organization from the Service denying approval because the Form 1128 is not timely filed, it may be assumed that the change has been approved.

Sec. 4. Effect on Other Documents

Rev. Proc. 76-9 is modified to include changes to sections 3.01 and 3.02 as stated above.