What is the difference between a “tax year” and “taxable year”?
Tax year is the calendar year for which the tax is paid. The tax year is also referred to as the “report year.” Taxable year is the taxpayer’s accounting period on which the corporation franchise tax is based. The Ohio corporation franchise tax report (form FT 1120) is based on the taxpayer’s accounting period ending prior to Jan. 1 of the tax year. Exception: A corporation having a 52/53 week calendar year end would file the 2009 franchise tax report. (Example: taxable year ending Jan. 3, 2009 is filed on the 2009 franchise tax report.) A corporation’s franchise tax taxable year is generally the same as its federal taxable year. However, a corporation’s franchise tax taxable year may consist of an aggregation of two or more federal taxable years and can exceed one year in length. The franchise tax for tax year 2009 is paid in 2009 for the privilege of doing business in Ohio during the calendar year 2009.
Tax year is the calendar year for which the tax is paid. The tax year is also referred to as the “report year.” Taxable year is the taxpayer’s accounting period on which the corporation franchise tax is based. The Ohio corporation franchise tax report (form FT 1120) is based on the taxpayer’s accounting period ending prior to Jan. 1 of the tax year. Exception: A corporation having a 52/53 week calendar year end would file the 2009 franchise tax report. (Example: taxable year ending Jan. 3, 2009 is filed on the 2009 franchise tax report.) A corporation’s franchise tax taxable year is generally the same as its federal taxable year. However, a corporation’s franchise tax taxable year may consist of an aggregation of two or more federal taxable years and can exceed one year in length. The franchise tax for tax year 2009 is paid in 2009 for the privilege of doing business in Ohio during the calendar year 2009. The 2009 franchise tax report (form FT 1120) is based on the corporation’s taxabl
Tax year is the calendar year for which the tax is paid. The tax year is also referred to as the “report year.” Taxable year is the taxpayer’s accounting period on which the corporation franchise tax is based. The Ohio corporation franchise tax report (form FT 1120) is based on the taxpayer’s accounting period ending prior to Jan. 1 of the tax year. Exception: A corporation having a 52/53 week calendar year end would file the 2010 franchise tax report. (Example: taxable year ending Jan. 3, 2010 is filed on the 2010 franchise tax report.) A corporation’s franchise tax taxable year is generally the same as its federal taxable year. However, a corporation’s franchise tax taxable year may consist of an aggregation of two or more federal taxable years and can exceed one year in length. The franchise tax for tax year 2010 is paid in 2010 for the privilege of doing business in Ohio during calendar year 2010. The 2010 franchise tax report (form FT 1120) is based on the corporation’s taxable ye
