By studying both these financial statements side by side, investors can gain a more holistically nuanced understanding of a company’s financial position. For example, the income statement might show a company is profitable, but the balance sheet could reveal a steadily increasing debt position. Conversely, the company might encounter a loss in one fiscal year,…

Read more...

You must first obtain approval from the Internal Revenue Service (IRS) by filing Form 1128 if you want to switch from the calendar year reporting to fiscal year reporting for your tax filings. For individual and corporate taxation purposes, the calendar year commonly coincides with the fiscal year and thus generally comprises all of the…

Read more...