fiscal year

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fiscal year

(FY) (fiskăl yēr)
Any 12-month cycle that a business or other enterprise chooses to organize its financial reporting.
References in periodicals archive ?
For tax purposes, the correct reference for a 52-53-week tax year is to the end oi the year, not the beginning (or first day) of the year; for example, adopting a tax year beginning the first Friday in January is not a proper year.
Note: Unused nonrefundable personal credits cannot be carried to another tax year.
Under the proposed procedure, a taxpayermay report in taxable income either (1) the full amount of advance payments in the year received (the full-inclusion method) or (2) such payments in the year received, to the extent included for financial-reporting purposes, with the remainder reported in the next succeeding tax year (the deferral method).
In most cases retirement plans must be set up by October of the tax year or related fiscal year, but SEP-IRAs offer flexibility for small business owners who want to beef up their deductions for the prior year.
In effect, once a tax year is included in a global netting computation, the netted interest amount would be reflected and would generally not be subject to future adjustment.
That way, you can deduct one more month of mortgage interest in the 1996 tax year.
You and/or your spouse's personal participation in the operation of your woodland activity constitutes substantially all of the participation (including that of all other individuals) for the tax year.
The basic standard deduction for joint returns will be twice the basic standard deduction for single returns for tax years 2004-10, instead of dropping to 174 percent of what singles pay.
Timeliness issues: A taxpayer can make contributions by the return due date (without extensions) for the tax year of the contribution.
When would it be appropriate for the Service to net interest globally for a particular tax year or period?