What is the fiscal year?

April 14, 2017 | Author: | Posted in Taxes

The fiscal year is the twelvemonth period between one annual time of settling accounts and another. The fiscal year of the United States Government begins July 1 and ends June 3o. It is always spoken of as being in the calendar year in which it ends. For instance, the fiscal year that ended June 3o, 1945, was the fiscal year 1945.

Originally the government fiscal year ended September 3o, but by an act of Congress passed in 1842 it was changed to June 3o to give the department heads more time to prepare their annual reports for the opening of Congress in December.

When the time for the meeting of Congress each year was changed to January 3, in 1934, the government fiscal year was not changed. In all but nine or ten of the states the fiscal year for the state governments is. the same as for the Federal government.

The government fiscal year in Great Britain and the various units of the British Empire is from April to March 31. For private business in the United States the fiscal year ordinarily corresponds to the calendar year; that is, it begins January 1 and ends December 31.

 

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