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.