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Video instructions and help with filling out and completing change fiscal year end

Instructions and Help about change fiscal year end

Music hi I'm Amy from RAZR accounting the sharp solution for your finances in this video I'm going to show you how to change your fiscal year-end in QuickBooks starting from the home screen navigate over to the left side of your menu bar here and click on where it says my company when the new window opens up you're going to go over to the right side of your screen where you see this little pencil and click on the pencil in this menu the fourth item down says report information go ahead and click on that and in here you'll see it says first month in your fiscal year so mine says June right now so this would mean I have a May year-end so if I want to change my year-end to say having a July year-end then the first month of my fiscal year is going to be August so this is to change the fiscal year you can also change your tax year here the same way if you need to once you're done making the changes just go ahead and click on ok and you're done if you do have any questions about this video please leave me a comment and I'll be sure to answer it as quickly as I can thank you for watching Music.

FAQ

C-Corp change fiscal year ending before first tax filing but after SS-4?
If you incorporated in 2021. then you should have already filed returns for 2021 and 2021. also 2021 is due unless you filed an extension.  If you have not filed tax returns for 10, 11 and 12, you are still passed the due dates of the returns and so will have to file an 1128, after filing calendar year returns for the open years.  You don't qualify for the first year exception if your first tax return is already 2 years late. California requires that for CA state tax, corporations adopt the same tax year as they have for federal tax purposes, unless granted an exemption, so once the federal tax year is changed CA will be changed also.
Will personal loan percentage changes on fiscal year end?
Hello There,One cannot comment on what the future has in store. Interest rates are not subject to predictions. They are determined by a host of macroeconomic factors, primarily beyond the control of the common man.Interest rates are dependent on market forces of demand and supply for money, on the rate of inflation, RBI intervention and regulation through its monetary policies, etc.By the fiscal year ends, will the rate of interest charged on a personal loan change or remain same cannot be commented upon today.
Should I change my startup's tax year to a fiscal year end, eg June 30th instead of December 31st? What are the benefits and drawbacks to doing so?
NO, DON’T DO IT.NO. NO. NO.Do not change your startup’s fiscal year end. Keep it to Dec 31.Generally, we highly advise clients against changing their tax year (and fiscal year) unless there is a very strong business purpose in order to avoid pitfalls of missed tax and statutory deadlines. Some deadlines will shift with a company's fiscal year (such as the corporate income tax return), while other deadlines will remain on a calendar basis, depending on jurisdiction and type of tax (1099s, payroll taxes, sales taxes, property taxes, etc.). Overall, this complicates tax compliance heavily while providing very little benefit.Additionally, your startup tax CPA would need to file a short year-year return for the year in which the change would occur, which would mean two tax returns in one year.If you are looking into a change of fiscal year because of a presentation standpoint, you can always present your financials to the board in any given increment you like (6/1/17-5/31/18) or one that better illustrates the life cycle of the business as this would not complicate the tax return filing.….But if you (are a crazy person and) decide to change your fiscal year end, here's how to do it for Federal tax purposes:IRS approval is required to change your tax year end, but under certain circumstances, a C-corporation can change tax year end under automatic approval procedures.Among the basic requirements to qualify for an automatic change:the corporation must not have changed its tax year within the prior 48 months;the corporation must annualize its taxable income for a short tax year (This means that a startup with a 1/31 fiscal year end would file a 1-month short year-year return for 1/1/2018-1/31/2018, but annualize the income to ensure that the company is not getting any benefits from short-year tax attributes).various other requirements to ensure the year-end change is not a method of tax avoidance (about a dozen other rules, but most are not applicable to startups).A corporation, which does not qualify for an automatic change may still be able to obtain consent from the IRS for the change under the non-automatic procedures as long as it can establish a valid business purpose (note: reduction or avoidance of tax is not considered a valid business purpose). IRS has prescribed a series of tests for establishing a business purpose for a requested annual accounting period - testing when revenue is earned, or the natural business cycle of the company, or other "facts & circumstances".To request permission from the IRS for a change (including changes which are automatically approved), the company must file Form 1128 (Application for Change in Accounting Period) no later than the due date for the federal tax return for the short tax year, but no earlier than the last day of your short year (So a startup with a 1/31 fiscal year end must apply for the change between January 1, 2021 and May 15, 2021 after the short tax year ending 1/31/2018).If you receive IRS approval for your short tax year ending 1/31, your short-year-return 2021 (and all subsequent fiscal year returns) would be due May 15, but can be extended to November 15 each year. As mentioned above, many of your other tax filing deadlines would remain on a calendar basis (such as payroll tax, W-2s, 1099s, certain state taxes, property taxes, sales taxes, etc.).Since most startups ate the Seed - Series B stage is a loss company (and since tax rates have recently all been lowed to a flat 21% for C-corporations) I don't anticipate any tax complications from a change in year-end.
Which is the best network marketing company in India?
List of Top 10 MLM Companies in INDIAAmwayAmway is an American organization established by Richard Devos and Jay Van Andel in 1959. It has a revenue of 8.6 billion USD.Products:Amway Home, Glister, G&H, Nutrilite, Artistry, Amway, Queen, eSpring, Atmosphere, XS energyBusiness :Amway has a business model includes direct selling along with MLM strategy. The distributor from Amway known as INDEPENDENT BUSINESS OWNERS (IBOs) can earn through the products by selling them personally and by retail markup. You can also earn through the overall sales generated by the team.AvonAvon is a public company founded by David H. McConnell in 1886 with a revenue of 5.72 billion USD. It employs 25,000 people.Products:Cosmetics, Perfume, Clothing, ToysBusiness :Avon uses both doors to door salesperson and brochure to advertise its products. It uses multi-level marketing (MLM) to recruit a sale representative to sell Avon products. It has 5 to 6 million sale representatives working across 100 countries.Herbalife NutritionHerbalife Nutrition is a global direct selling company founded by Mark Hughes in 1980 with a revenue of 4.43 billion USD. The company operates over 90 countries through a network of 3.2 million independent distributors. It employs over 8000 people.Products:Weight management, dietary supplements, personal care, sports nutritionBusiness :The Business Model of Herbalife Nutrition is a typical pyramid scheme.Naswiz Retails Private LimitedNaswiz Retails Private Limited is an Indian Direct selling company founded by Santosh Chrandrakar in 2021. More than 2.5 million associates are connected through Naswiz. Highest earner sonu sharmaProducts:Beauty Products, Clothing, Footwear, kitchen appliancesBusiness :Naswiz Retails Pvt. Ltd. works on a binary business model. Any person can associate and work with Naswiz just by shopping at their Mega Mart.TupperwareTupperware is the USA company founded in 1948 by Earl Tupper with revenue of 2.26 billion USD. It employs 13,500 people. Tupperware manufactures develop its products. The distribution of products is done by the salesperson. More than 1.2 million direct salespeople are connected through Tupperware.Products:Preparation, storage, serving products for the kitchen and home, and beauty productsBusiness :The business model of Tupperware includes the purchase of business kit or executive business kit. You will have to complete the targets given by the company in the given interval. Tupperware offers three levels of compensation plans which includes Associate level, Manager level, and the Director level. Associates can earn through bonuses/commissions awarded to them based on sales, retails and team performance.Forever Living ProductsForever Living Products is an American Company which is founded by CEO Rex Maughan in 1978 has a revenue of 1.7 billion USD. Forever Living operates over 4100 employees. Forever Living has a network of 9.3 million distributors are connected in more than 137 countries.Products:Aloe vera- and bee-based products include Aloe-vera drinks, Nutrition, Personal Care, Skin Care, Weight Management, Sonya Color Collection.Business :Business Starts with the purchase of Business combo pack and registration to the company. You can do whatever suits you, either part time or full time. You can earn by personal retailing, Team Building bonus and by leadership bonus.OriflameOriflame is a public Swedish multi-level marketing company founded by Jonas Jochnick and Robert Jochnick in 1967 with a revenue of 1.4 billion USD. Oriflame operates in more than 60 countries with approximately 3.6 million distributors.Products:Cosmetics, Skincare, Perfume, Dietary supplementsBusiness :The Oriflame company is based on the consumption of the product. The more will be the consumption/sales through your network, more will you earn. To Associate with Oriflame what you have to do is, buy a Starter kit for 299 INR. You can earn up to 21% as group sales and 20% as product sales.VestigeVestige is an Indian direct selling company founded in 2021 with a revenue of 0.13 billion USD. Vestige operates 92 offices and more than 2800 service centers across India.Products:Personal Care, Health Care and Agriculture.Business:The Business starts with registration. There is no startup cost or registration fee involved to start the business. The registered distributor has to sponsored for their downline. After registration, a distributor can earn on the basis of retail profit, Accumulative performance, direct bonus, leadership bonus, car, home and travel fund.MI Lifestyle MarketingMi Lifestyle Marketing is a Multi-level Marketing company with a Motto “It’s Mi Style, It’s MI Life ” Founded in August 2021. It deals with a range of day to day life products.Products:Health Care Products, Life Style Products, Wellness and Nutritional Products (Body Care, Beauty Care, Personal Care, and Home Care), Coupons of Various Brands ( Many reputed Brands to be redeemed at full value).Business:Mi Lifestyle Marketing involves two separate identities.INDIA SHOPEE ‡ Product Development, Retailing, and DistributorsMI LIFESTYLE ‡ Direct SellingYou can start your business with Mi lifestyle by purchasing their business kit. It’s Business Model is based on binary Model. You can earn through the sales turnover Bonus, Rank Income, Performance Bonus.ModicareModicare is a Direct Selling Company founded in 1996 by Samir Modi.Products:Health and Nutrition, Skin Care, Cosmetic Products, Personal Care, Home Care, Food & Beverages.Business:You can start your business with Modicare by becoming a user of Modicare Products. The business includes basic factors that are, self-use, refer and team development. Modicare provides 8 types of income source which are saving on Consumption (20% discount on Modicare Products), Retails Profit, Accumulative Performance bonus, Director Bonus, Leadership Productivity Bonus, Outbound Travel Fund, Dream Vehicle Fund, and Dream Home Fund.————————————————————————————————————Network Marketing is the 21st-century business. Future of network marketing in India is very promising. A report by KPMG in India and FICCI publishes a whopping growth of?645 billion by 2021. Read more about Growth of Network Marketing In India
Why does India follow financial year from April 1?
India follows the financial year from April 1 i.e. the calendar year and fiscal year don’t match. The exact reason is unknown, but the financial researchers have put forth some theories.Inheritance from British RuleIndia was ruled by British for around 150 years, who followed the accounting period of April to March after the adoption of Gregorian calendar system of accounting.April 1, coincided with the Hindi festival of Vaisakha Sankranti that is the Hindi New Year, hence The East India Company thoughtfully decided to match its financial year with the Hindi calendar to ease out financial transactionsRevenue cycle in AgricultureSince most of their taxes were from the crops, the British government prepared its annual budget according to the the crop patterns.FestivalsIn many countries, retailers use the non-calendar year as their fiscal year.Also, end of the year is the period of high activity for retailers in many countries. Because of the festive season, levels of inventory, receivables and payables will be higher than at other month ends and as a result more difficult and time-consuming to measure precisely.For example, in India itself, festivals like Navratri and Diwali fall in the month of October and November, subsequently Christmas in December, accounting for heavy sales for the retailers making accounting complex.To give each of the activity efficient time and attention, December is not chosen as the month of ending the financial year.Countries like Canada, United Kingdom (UK), New Zealand, Hong Kong and Japan also follow a similar trend.Source ‡ Why financial year & calendar year differ in India?Edit: India may shift to a January to December financial year, recommended a government-appointed committee headed by former chief economic adviser Shankar Acharya.Source ‡ Change fiscal year to Jan-Dec: Govt panel suggests break from 150-yr tradition
Why is Walmart's fiscal year from February 1st to January 31st?
Not just Walmart, but most retailers in the USA and Canada.  This is because the Christmas shopping season isn't considered over until the end of January.  WTF?  Why is this????Because of two big things:  returns and clearance.ReturnsYou don't want 2013's items -- bought in October, November and December (when the bulk of Christmas items are sold) -- being returned in Fiscal year 2014.  That could needlessly tarnish the following year's numbers.  So you simply move the fiscal year.  NOW, of course you can still return your items as late as you want (most retailers in the USA give you eons to return items).  BUT, something on the order of 95% of all items that need to be returned are returned by the end of January following Christmas.  ClearanceJust like you don't want 2013's purchases being returned 2014's tally sheet, you don't want 2013's products being marked-down on 2014's P&L.  This is avoided by reshuffling the fiscal year to start in February.  Financial ReportingAnd, of course, none of this changes any aspect of returns or clearance and those two reasons alone aren't the real reason.  It's because Wall Street cares about retail sales and if you had a shitty year (usually because of a shitty Christmas season), then you want that entire year to be "bottled up" into that year and not bleed over to the next.  This is achieved by beginning the fiscal year on February 1st.  Walmart -- interestingly enough -- also reshuffles its fiscal week:  Saturday to Friday.  This is done for the same reason:  to keep from splitting fiscal earnings between periods (in this case weeks).  As most people in the industrialized world know, the weekend (Saturday & Sunday) account for about half of the entire week's sales.  Because Walmart starts its fiscal week on Saturday, if weekend sales are flat over the weekend, they have the remainder of the week to either "push sales" (that is:  get the right product onto the shelf for consumers to snatch up), cut payroll (the easiest way to adjust the numbers) or a combination of them both.
What happens if you once won a lottery visa, but you never claimed it?
The US Diversity Lottery is held once in each US fiscal year. Winners in a particular fiscal year must use any visa(s) they get as a result of winning during the fiscal year for which that visa is awarded. Failure to do so results in the loss of the visa. If the winning entrant never applies for the visa (or applies but is rejected), their winning entry will be awarded to someone else. (Note that if you win, but dawdle on applying, it’s possible that your visa will have been reallocated to someone else. Don’t dawdle.) If you receive a visa through conprocessing but fail to use it to actually enter the US before it expires (on September 30 of the year in question), then the visa just dies at the change of fiscal year. There is no process whatsoever to revive an unclaimed entry or a claimed but unused diversity visa once the fiscal year for which it was eligible has ended.You can, of course, always enter the lottery again, assuming that your country of chargeability remains eligible. Your failure to use your winning entry is in no way disqualifying and will not be held against you.
Accruals always shoot up in December so people can say they've spent what they planned for the year. What can I do to drive a change in this behavior?
You speak as if this is a bad thing or incorrect procedure.If a company has a fiscal year end that ends on December 31st, the closing of books for year end is generally extended a bit so that all expenses can be recorded properly.  Staying open longer allows for invoices to be sent from vendors, for A/P personnel to process them, for accounting personnel to search for unrecorded liabilities and so forth."What was planned" does not enter into the equation.  Accruals are based on 'actual' spending evidenced by invoices, delivery receipts or estimated costs 'already incurred'.So I would partially agree with your premise that if a company ends its year on December 31st, accruals would tend to be heavier only because of the thoroughness involved in closing a year end.  Conversely, January accruals tend to be lighter because most companies don't tend to be as meticulous on interim months.However, you used the word 'always' in your question.  This is not true.  If a company has a fiscal year end that is other than December 31st, there is no logical reason why December's accruals should be heavier than any other month of the year (with the exception of their year end, as explained above).What can 'you' do about this?Nothing.This is the nature of the beast and there is no changing it.
How do I select a fiscal year instead of calendar year for my first tax return?
Quoting 26 CFR 301.7701(b)-6:An alien individual who has not established a fiscal year as his or her taxable year prior to the period that the individual is subject to United States income tax as a resident or a nonresident shall adopt the calendar year as his or her taxable year. An alien who has established a fiscal year in a foreign country prior to the period that the individual is subject to United States income tax may adopt the calendar year as his or her taxable year for United States income tax purposes without requesting a change in accounting period. An individual will be considered to have established a fiscal year (whether in the United States or a foreign country) if the annual accounting period on which the individual computes his or her income is a fiscal year, the individual keeps his or her books in accordance with that fiscal year, and the requirements of section 441 and § 1.441-1(b) of this chapter are otherwise satisfied.If you have established a year other than a calendar year as a fiscal year prior to being subject to US taxes, you file your first tax return with the IRS using that tax year - you state the date range at the top of Form 1040. Note that if you don't file on a calendar year basis, and your fiscal year ends after June 30 of the following year, you may not be able to file your return electronically - the IRS usually shuts off electronic filing on or shortly after October 15, which is the due date for fiscal year returns for fiscal years ending on June 30.The general rule is that you have to be maintaining books and records on the basis of the fiscal year that you choose to adopt - if you don't maintain books and records, you have to use the calendar year. Also, if your annual accounting period doesn't correspond with a fiscal year (i.e. doesn't end on the last day of the month), you also must use a calendar year.Unless you have a compelling business reason to use a calendar year other than a business year, or you have already established an annual accounting period that meets the legal definition of a fiscal year. I generally recommend using the calendar year for people in your situation. You probably should discuss this with a tax professional in your area - there are a lot of ramifications to using a fiscal year other than the calendar year that you may not be adequately prepared to handle.