JIM currently uses the calendar year as its financial and tax annual accounting period. Because of the seasonality of sales, management wants to change to a fiscal year beginning April 1st through March 31st. You have been asked to review the tax law criteria for making this change.
Write a memo to your CFO:
- indicating the outcome of such a change on current taxes, and
- outlining the requirements for making this change.
This question was answered on: Sep 16, 2020
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