MRQ


Also found in: Acronyms.

MRQ

A short-form for Most Recent Quarter. Often used in the context of explaining company performance. MRQ earnings, for example.

Most Recent Quarter

The quarter that ended most previously. For example, if the first quarter of a fiscal year runs from January through March and it is currently April, the first quarter is the MRQ. The abbreviation is sometimes used in financial statements.
Mentioned in ?
References in periodicals archive ?
Under current rules, MRQ can reassess most taxpayers within three years of the day a notice of original assessment is sent.
In addition, where necessary to complete an audit, MRQ will request, and most large corporate taxpayers will grant, a reasonable extension of the period of limitations.
Consequently, permitting MRQ to reassess potential GAAR transactions for up to six (or seven) years following an original assessment is tantamount to extending the period of limitations for all but the most mundane transactions.
Next, the number of significant transactions in a large complex, corporate tax return against which MRQ might assert GAAR is so large that the "preventive disclosure" mechanism is unworkable.
But, as noted earlier, MRQ auditors already have one of the longest periods available to taxing authorities for re assessing tax returns.
The procedure used is in accordance with the structure of the act (Section 1010), which grants the MRQ (not the taxpayer) the prerogative of exercising its discretion to reassess or not reassess a taxpayer.
Although there are certain directives concerning the procedure to be used and the wording of a notice of waiver, the MRQ believes that its representatives should be flexible enough with regard to the wording, especially when it is a matter of describing the facts and the resulting tax consequences.
The information must be put together manually, and each taxpayer seems to send it to the MRQ in a different form.
The MRQ said that the purpose of the measure is to enable it to gather information that would be useful in its fight against the underground economy.
TEI proposed to the MRQ that the two organizations meet with Qudbec's Department of Finance to inform it of the problems that this measure is causing for TEI members and the MRQ.
We recommend that MRQ revise its reporting in respect of taxpayer's tax accounts summarized on the remittance forms to include: the opening balance in the taxpayer's account, payments received on account, the amount of tax assessed for the period, interest assessed, penalty assessed, and the closing account balance relating to the preceding reporting period on the remittance forms for the current period.
At a minimum, MRQ should report all unilateral transfers promptly in order to permit taxpayers to respond more quickly to unexpected transactions flowing through the assigned MRQ account.