Tuff Industrial Products is a limited liability company taxable as a partnership. TIP manufactures valves and hoses used in industrial equipment. TIP was formed on April 3, 2022. You are approached by the principals of TIP for tax advice - specifically, they want to know what year - end they should adopt and what method of accounting should be used for tax purposes. What information do you need from TIP to properly address their questions? What general advice can you give them?