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.
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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.
Only 36% of ISA investors were able to correctly identify the tax year end date and a worrying one in six (17%), thought the tax year end was later than April 5th.
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.
As recommended by the Treasury Department, the new law establishes a net interest rate of zero on equivalent amounts of overpayment and underpayment that exist for any tax and any period.(5) Hence, Treasury's recommendations that interest netting apply only to income taxes and only to situations in which there is at least one "non-zero" balance tax year were not adopted.
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. This test is based on total participation, including that of individuals who do not own interests in the property.
If the tax year with the least aggregate deferral produces a difference in aggregate deferral less than 0.5 in comparison to the aggregate deferral of the LLC's existing tax year, a de minimis rule is applied.
Under the new definition, a child is the taxpayer's qualifying child if the child has the same principal place of abode as the taxpayer for more than one-half of the tax year; a specified relationship to the taxpayer; and has not yet attained a specified age.
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?
If the natural-business-year or business-purpose exceptions do not apply, determine if the LLC can elect a nonconforming tax year under Sec.