What Is a Tax Year? Definition, When It Ends, and Types
It also aligns with most tax filing deadlines, making it easier to stay compliant without extra paperwork. The key difference is timing and that can shape how you plan, file, and report. The change requires filing an additional form to make the change official with the IRS. The business closes out its year on the end of the new fiscal tax year and submits a short year tax form. The IRS allows the corporate entity to change its [...]