Most individual taxpayers are on a calendar year for tax purposes – and that just wrapped up on December 31, 2006. Business taxpayers, however, may elect to choose their own tax year if there is a business purpose for the election. So, today’s Fix the Tax Code Friday question is:
Should individual taxpayers be allowed to choose their own tax year?
Similar Posts:
- None Found
{ 1 comment… read it below or add one }
No. Enabling businesses to choose their own tax year works well enough…no need to muddy the waters with even more compliance issues.