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Article: Fiscal-year individuals.(accounting periods)
- Article from:
- The Tax Adviser
- Article date:
- October 1, 1999
- Author:
CopyrightCOPYRIGHT 1999 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Although virtually all individual taxpayers file on a calendar-year basis, an individual may adopt a fiscal year. Under Temp. Regs. Sec. 1.441-1T, an individual adopts a tax year when he is first required to file a return and he may adopt any tax year, provided it matches his annual accounting period and meets the requirement that books of account be maintained for that accounting period. IRS consent to adopt a fiscal year is required only if the individual later wants to change the selected tax year. Once adopted, the fiscal year applies to any business operated as a proprietorship, including operations conducted through a single-member limited liability company that does ...