Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-28-2018, 06:16 PM
Junior Member
 
Join Date: Feb 2018
Posts: 2
Tax Year End Affected by 2018 or 2017

First Post! So here goes: We are a C corp that just had an 11/30/17 2017 year-end...so fiscal year 2018 technically started in 2017; on 12/1/17.

Our next Year End will be 11/30/18. My question is: since we started FY 2018 in calendar year 2017 and the new 2018 tax changes didn't take effect until 1/1/18.....a month into our fiscal year, which tax rates will our 11/30/18 tax return be subject to....2017 or 2018?

Thank you for your help! Have a great day. Wade



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-28-2018, 09:19 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,116
2017 rate for your 2017 return. as you said, A fiscal tax year f your C corp is a period of 12 consecutive months ending on the last day of any month other than December, or a 52?53 week period that ends on a specific day of the week occurring either in the last week or nearest the last day of a specific month.Then, you neede to file your C corp t\return of 1120 is due on the 15th day of the third month following the end of the corporation's tax year. For example, corporations with a fiscal year ending March 31 must file their tax returns by June 15. Corps whose fiscal year ends June 30 must file by Sep. 15; fiscal years ending Sep. 30, by Dec. 15. Any tax due must be paid at this time.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 02-28-2018, 09:46 PM
Junior Member
 
Join Date: Feb 2018
Posts: 2
Thank you fo rthe reply...but

Thank you for your reply, but the question wasn't about filing dates....it was about applicable tax rates. I will restate to hopefully make it more clear:

Our 2018 Fiscal year begins on 12-1-17 and ends on 11-30-18.......so will we be subject to the 2017 35% rate or the new 2018 rates of 21% even though our Fiscal Year End started before the new rates took effect on 1-1-18? Thanks in advance!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
IRA deduction for 2017 armandonalba IRA/Sep 2 02-06-2018 03:19 PM
2018 tax brackets taxpayer1138 C-Corporation 2 12-30-2017 05:24 PM
Relocation repayment in 2018 Swangwiw Itemized Deductions 1 12-28-2017 03:43 AM
Should I pay estimated taxes for 2017? maconomist Estimated Taxes 1 04-10-2017 08:44 PM
I owe prior year federal income tax liabilities, will my rebate check be affected? TaxGuru For 2008 0 03-11-2008 12:14 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning