Which of the following is NOT a requirement for a fiscal year to be recognized? A) The fiscal year must end on the last day of any month other than December. B) The taxpayer must k... Which of the following is NOT a requirement for a fiscal year to be recognized? A) The fiscal year must end on the last day of any month other than December. B) The taxpayer must keep their books in accordance with the fiscal year. C) The fiscal year must be a 52- or 53-week tax year ending on the same day of the week. D) The taxpayer must establish the fiscal year as their annual accounting period.
Understand the Problem
The question is asking to identify which option does not qualify as a requirement for a fiscal year to be recognized. This involves analyzing each of the provided options to determine their validity regarding fiscal year regulations.
Answer
C) The fiscal year must be a 52- or 53-week tax year ending on the same day of the week is NOT required.
The option that is NOT a requirement for a fiscal year to be recognized is C) The fiscal year must be a 52- or 53-week tax year ending on the same day of the week.
Answer for screen readers
The option that is NOT a requirement for a fiscal year to be recognized is C) The fiscal year must be a 52- or 53-week tax year ending on the same day of the week.
More Information
A fiscal year typically consists of 12 months and can end on the last day of any month except December. While a 52- or 53-week tax year can be decided, it is not mandatory for the fiscal year to always end on the same day of the week.
Tips
Confusing the distinction between standard fiscal years and the optional 52- or 53-week tax years can lead to errors.
Sources
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