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Private Foundation - Annual Accounting Period

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:

  • Calendar Tax Year
    This is a period of 12 consecutive months beginning January 1 and ending December 31; or
  • Fiscal Tax Year
    This is a period of 12 consecutive months ending on the last day of any month except December.


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Page Last Reviewed or Updated: 14-Mar-2014