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Simple English definitions for legal terms

fiscal period

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A quick definition of fiscal period:

A fiscal period is a specific period of time used for accounting purposes. It can be a calendar year, which is 12 months from January 1 to December 31, or any other consecutive 365-day period. A fiscal year is often different from the calendar year, especially for tax purposes. A tax year is the period used for computing federal or state income-tax liability, usually either the calendar year or a fiscal year of 12 months ending on the last day of a month other than December.

A more thorough explanation:

A fiscal period is a specific period of time used for accounting and financial reporting purposes. It can refer to:

  • Fiscal year: A 12-month period used by a company or organization for financial reporting. It may or may not align with the calendar year.
  • Half-year: A period of 182 days used for legal computation.
  • Natural year: The period of 365 days and about 6 hours, or the time it takes the earth to orbit the sun.
  • Tax year: The period used for computing federal or state income-tax liability, usually either the calendar year or a fiscal year of 12 months ending on the last day of a month other than December.

For example, a company may have a fiscal year that runs from July 1 to June 30. This means that all financial reporting and accounting activities for that company are based on this 12-month period. Similarly, the tax year used for calculating income tax may be different from the calendar year.

Understanding the fiscal period is important for accurate financial reporting and tax compliance.

fiscal officer | fiscal year

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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