RE: [taxchat] fiscal year end

Part of my question was what year do you report the information on.  For example, my client keeps his books and records based on his fiscal year of March 1 thru Feb 28th.  For example, if the year is 3/1/07 thru 2/28/08, was it reported on the 08 return, or on the 07 return?

 

First call to the IRS told me to report it for the year-ended date, which in my example would have been 08.  Then, I called the Complex Tax Matters area of the IRS and the woman told me in all her years working there, she never ran into anyone filing on a fiscal year.  (This stuff only happens to me).  She then said that you report the information on the return for the month beginning date.  In my example, the tp fiscal year begins 3/1/07, then report it on the 07 return.

 

I started doing all the returns that way, then had to go back and re-do everything. Now I have to re-do it all one final time.

 

 

Donna J. Perrone, EA

East Haven, CT

203-469-4939

203-468-2038 fax

 

 

IRS Circular 230 Disclosure: Unless expressly stated otherwise, any tax advice contained herein, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (1) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax-related matters addressed herein.

 

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From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com] On Behalf Of Robert Lukey
Sent: Tuesday, September 09, 2008 11:34 AM
To: taxchat@yahoogroups.com
Subject: Re: [taxchat] fiscal year end

I'm curious to know your answer. It would seem that if the fiscal year where they were working is different then here that you would report it that way, but our IRS may see it differently especially if you haven't asked in advance to.

On Tue, Sep 9, 2008 at 5:37 AM, Donna J. Perrone <donnaperrone@sbcglobal.net> wrote:

Never mind...I found my answer to the fiscal year situation.

 

Donna J. Perrone, EA

East Haven, CT

203-469-4939

203-468-2038 fax

 

 

IRS Circular 230 Disclosure: Unless expressly stated otherwise, any tax advice contained herein, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (1) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax-related matters addressed herein.

 

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From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com] On Behalf Of Donna J. Perrone
Sent: Monday, September 08, 2008 9:24 PM
To: taxchat@yahoogroups.com
Subject: [taxchat] fiscal year end

Taxpayer, a US Citizen living outside the country for many years, asked me to file the last 7 years of returns. However, all P&L's are on that country's fiscal year of March thru February. In Proseries, I see that I can enter on the top of pg 1 what period the return covers, if not on a calendar year.  Is there any problem with me entering a fiscal year, rather than using a calendar year? 

 

Thanks in advance,

Donna 

 

Donna J. Perrone, EA

East Haven, CT

203-469-4939

203-468-2038 fax

 

 

IRS Circular 230 Disclosure: Unless expressly stated otherwise, any tax advice contained herein, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (1) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax-related matters addressed herein.

 

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IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.

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