Which entities may elect a fiscal year? Discuss how certain tax entities may circumvent the requirement of using a calendar year.
What will be an ideal response?
C corporations, other than personal service corporations, are permitted fiscal years. Partnerships, S corporations, and personal service corporations may elect a taxable year that results in a tax deferral of three months or less. Electing partnerships and S corporations must then make an annual required payment to offset the tax deferral that will accrue to partners or S corporation shareholders. Businesses with a natural business year are exempt from the requirement of required payments.
The required payment is calculated using the highest tax rate for individuals, the previous year's taxable income, and a deferral ratio. No payment is required if the amount due is $500 or less.
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The ________ allows employees to sue employers that violate employment laws.
A. United States Chamber of Commerce B. National Chamber Foundation C. Institute for a Competitive Workforce D. Equal Employment Opportunity Commission E. Center for Capital Markets Competitiveness
Which of the following is the first step in the accounting cycle?
A) Prepare financial statements. B) Analyze business transactions from source documents. C) Prepare an adjusted trial balance. D) Post the journal entries to the ledger.
The statement A Kodak all-in-one printer may cost a little more, but you'll pay far less for replacement ink than you will with other printers ________
A) builds interest in a product B) gains attention by describing a problem C) reduces resistance D) motivates action
The "iron rule of organizing" says,
A. Never do for others what they can do for themselves. B. Do unto others as you would have them do unto you. C. Leave no stone unturned. D. Don't put all your eggs in one basket.