cut-off date

Cut Off Date

1. In property law, the date at which an unclaimed security or other property is turned over to the state in which the last known owner was last known to reside. See also: Escheat.

2. The date a discount, sale, or other especially lowered price on a product or products expires.

3. The last day of a month in which a bank calculates the activity on its accounts. For example, if the cut off date is the fifteenth of the month, the bank calculates its accounts' activities from the fifteenth of one month to the fifteenth of the next. Statements are based on activities between cut off dates.

cut-off date

the date, coinciding with the end of an accounting period, after which goods received from suppliers or sold to customers will not enter the accounting records for that accounting period but will be recorded at the start of the next accounting period. This date is of particular importance to the stocktaking at the period end and to the measurement of sales, purchases and profit.
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94-28, 94-29 and 94-30 provide guidance to financial institutions on how to change their current methods of accounting, define procedures that allow for the principal-reduction method to be used, and provide procedures for changing methods of accounting for de minimis OID for loans acquired before the cut-off date selected.
Taxpayers may elect the cut-off date as one of the following: