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The Internal Revenue Service (IRS) defines the calendar year as January 1 through December 31. A fiscal year is any consecutive 12-month period that ends on the final day of any month except December.
The official date of the End of Financial Year is the 30th of June 2022. From midnight on the 30th of June your business books are closed off and all transactions after that date will find their way into the 2023 financial year.
Fiscal year 2022 (July 1, 2021-June 30, 2022) is the first year of the five-year forecast and is considered the baseline year.
If you file your first tax return using the calendar tax year and you later begin business as a sole proprietor, become a partner in a partnership, or become a shareholder in an S corporation, you must continue to use the calendar year unless you get IRS approval to change it or meet one of the exceptions listed in the
Answer and Explanation: The correct answer is option (a). If the taxpayer does not keep books or accounting records then, a taxpayer required to use a calendar year tax period.
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Calendar Tax Year: This is a period of 12 consecutive months beginning January 1 and ending December 31; or. Fiscal Tax Year: This is a period of 12 consecutive months ending on the last day of any month except December.
Calendar years are easier for tax reporting because they fall in line with the IRSs own systems. While fiscal years can be used, they require more complex auditing and accounting. A fiscal year keeps income and expenses together on the same tax return, while a calendar year splits them into two.
Quick links to EOFY sales For Australians, the financial year ends on 30 June, with the next financial year beginning on 1 July. From 1 July through to 31 October both individuals and businesses are required to submit a tax return form to the Australian Taxation Office (ATO).
The LLC fiscal year is the calendar year that limited liability companies choose as their tax year. Generally, most companies choose a fiscal year ending on December 31, which coincides with the taxable year for individual tax returns.
The income earned in the present Financial Year (FY) 2022-23 is the income earned from April 1, 2022, to March 31, 2023. Any money earned by you from April 1, 2022, to March 31, 2022, is simply referred to as income earned in Financial Year (FY) 2022-23.

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