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In this video, the tutorial discusses IRS Form 1128, which is used to adopt, change, or retain a tax year. Most U.S. companies default to a calendar year, concluding on December 31. For instance, Consulting Company Inc., a Delaware C Corporation, initially has a December 31 year-end, filing Form 1120 by April 15. However, many businesses seek to change their tax year, such as moving to a June 30 or March 31 year-end. This adjustment often aligns their tax reporting with their financial reporting, which can be beneficial for reporting consistency, especially in industries like retail.