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?
POSTED IN: individual
tax news, tax info and tax policy - and it’s not as boring as you think!
Written by Kelly Phillips Erb [email] for b5media.
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1 opinion for Fix the Tax Code Friday: Filing Year
Joseph J. Gleason, Jr.
Jan 8, 2007 at 3:04 pm
No. Enabling businesses to choose their own tax year works well enough…no need to muddy the waters with even more compliance issues.
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