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What is Types of Accounting Periods Explained about?

Accounting periods can be regular (12 months) or short (less than 12 months). Regular periods include calendar years (January 1 - December 31) and fiscal years (ends on a date other than December 31). Short periods occur due to business startups/dissolutions, accounting period changes, death of a taxpayer, or termination by the Commissioner of Internal Revenue. Calendar years are used for individual taxpayers and when no annual accounting period exists. Fiscal years are an option for corporations.

Author

CASTRO, HANNAH CAMILLE E.

Language

EN