Final answer:
A firm can change its tax year under certain circumstances.
Step-by-step explanation:
False.
A firm can change its tax year without formally requesting and receiving permission from the IRS under certain circumstances.
For example, a corporation can obtain permission to change its tax year by filing Form 1128 - Application to Adopt, Change, or Retain a Tax Year with the IRS. The IRS will then review the application and grant permission if it meets certain requirements.