See our Congressional Meeting Request Page for information on virtual meetings. As one of the world's leading research universities, the University of Washington is proud to be a long-term partner with the federal government on a host of programs and initiatives to improve society. Our Federal Agenda reflects our priorities for the coming year. Federal Relations. April 11, FY11 End Game Federal government is now operating under another one-week continuing resolution CR intended to give lawmakers time to debate and approve the larger agreement they reached late Friday night.
FY12 Battle Begins After an agreement was reached late Friday on funding for the current year, policymakers are now looking ahead at the larger and more explosive budget issues that must be addressed, including FY12 spending and raising the debt limit. Search for:. Fiscal years are referenced by their end date or end year. For example, to reference a nonprofit organization's fiscal year, you may say, "FY " or "fiscal year ending June 30, According to the IRS, a fiscal year consists of 12 consecutive months ending on the last day of any month except December.
Alternatively, instead of observing a month fiscal year, U. In this case, the fiscal year would end on the same day of the week each year, whichever happens to be the closest to a certain date—such as the nearest Saturday to Dec. This system automatically results in some week fiscal years and some week fiscal years.
Fiscal years are commonly referred to when discussing budgets and are a convenient time period to reference and review a company's or government's financial performance. The default IRS system is based on the calendar year, so fiscal-year taxpayers have to make some adjustments to the deadlines for filing certain forms and making payments.
While most taxpayers must file by April 15 following the year for which they are filing, fiscal-year taxpayers must file by the 15th day of the fourth month following the end of their fiscal year. For example, a business observing a fiscal year from June 1 to May 31 must submit its tax return by Sept. In the United States, eligible businesses can adopt a fiscal year for tax reporting purposes simply by submitting their first income tax return observing that fiscal tax year.
At any time, these businesses may elect to change to a calendar year. However, companies that want to change from a calendar year to a fiscal year must get special permission from the IRS or meet one of the criteria outlined on Form , Application to Adopt, Change, or Retain a Tax Year. Investors might ask, "What fiscal year is it? Below are K reports from popular companies with fiscal years that don't follow the calendar. Apple Inc. Macy's Inc.
M ends its fiscal year on the fifth Saturday of the new calendar year; in , this date fell on Jan. Many retailers generate a large chunk of their earnings around the holidays, which could explain why Macy's chooses this end date.
Not necessarily. Sometimes, a fiscal year may differ from a calendar year. Fiscal years are an important concern for accounting purposes because they are involved in federal tax filings, budgeting, and financial statements. Consider the fiscal year for the U. Companies that rely on contracts from the government may also structure their fiscal years to end in late September.
This is because often budgeting planning from the government will be disclosed and new projects finalized. Conversely, many tech companies experience strong sales volumes during the early months of the year, which can explain why in many cases, their fiscal years will end in late June.
For companies that operate on a seasonal basis, using a fiscal year may be beneficial. For instance, it is common for retail companies to end their fiscal year on Jan. Walmart and Target are two primary examples of companies that use this fiscal year. Internal Revenue Service. Securities and Exchange Commission. Form K.
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