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Changing from Calendar year to Fiscal Year, accounting homework help
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I need help writing a memo approximately 500 words based on the situation below and explaining the following:
- Write a memo to your CFO:
- indicating the outcome of such a change on current taxes, and
- outlining the requirements for making this change.
JIM currently uses the calendar year as its financial and tax annual accounting period. Management, because of the seasonality of sales, wants to change to a fiscal year beginning April 1st through March 31st. You have been asked to review the tax law criteria for making this change.