tax year

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Tax Year

The year during which one's taxable income is considered. That is, the tax year is any 12-month period during which a government calculates one's tax liability. Normally, this is simply the calendar year, but it may also be a fiscal year.

tax year

The 12-month period for which tax is calculated. For most individual taxpayers, the tax year is synonymous with the calendar year.

tax year

The accounting year selected by a taxpayer for purposes of determining annual taxable income. A new company may select any tax year it desires—July 23 through July 22, for example—and need not use the standard individual tax year of January 1 through December 31.

Tax Year

The calendar year or fiscal year for which the taxable income is computed.
References in periodicals archive ?
19) Thus, we urge the Treasury and IRS to establish a time limit and require taxpayers to review no more than, say, three prior taxable years in order to identify and report whether they have engaged in "substantially similar" listed transactions undertaken prior to the date a transaction first becomes reportable.
They made estimated payments for any one of the preceding three taxable years (or were assessed a penalty for failure to pay estimated tax with respect to those years).
Congress has authorized the Treasury to write regulations relating to short taxable years, installment obligations with contingent payments, and pass-through entities.
Section 172 generally permits a net operating loss (NOL) of any year to be carried back two taxable years and then carried forward 20 taxable years.
482-1(j)(i) (effective "for taxable years beginning after October 6, 1994"); Treas.
Income that is no longer deferred as a result of the short taxable year resulting from these rules would be taken into account ratably over the first four taxable years beginning after July 10, 1989.
The amended tax returns would be required to be filed for any affected taxable years for which a tax return has been filed as of the date of the closing agreement.
on the basis of a taxable year, for taxes levied on or after January 1, 2018; and
Effective for returns for taxable years beginning after December 31, 2015, New York State C corporation returns will be due on the 15th day of the fourth month following the close of their taxable year (April 15 for calendar year taxpayers).
This change to the understatement measurement is effective for taxable years beginning on or after Jan.
In fact, Calata's annual income tax return for taxable years 2009 to 2010 revealed that he only paid an amount of P10,000 for each year and P100,000 for taxable year 2011, the BIR said in a statement.
Last Congress, bills were introduced in the House and Senate (S 2462 and HR 4006) that would allow start-up small partnerships and S corporations (that is, those with gross receipts less than $5 million) to elect taxable years other than the calendar year (for example, a July 1 to June 30 taxable year).