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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