Private Foundation - Annual Accounting Period |
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A foundation must keep books, reports, and file returns based on an annual accounting period called a tax year. A tax year is usually 12 consecutive months. There are two kinds of tax years:
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Calendar Tax Year
This is a period of 12 consecutive months beginning January 1 and ending December 31; or
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Fiscal Tax Year
This is a period of 12 consecutive months ending on the last day of any month except December.
Return to Life Cycle of a Private Foundation
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Page Last Reviewed or Updated: January 07, 2009