Differentiate a calendar period from a fiscal period
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The Difference Between Calendar Year and Fiscal Year for Business Taxes. ... The Internal Revenue Service (IRS) defines the calendar year as January 1 through December 31. A fiscal year is any consecutive 12-month period that ends on the final day of any month except December. It is normally 52 to 53 weeks long.
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The calendar year follows the structure of a standard calendar and begins on January 1. A fiscal year lasts for the same duration 365 days but can begin at any time as long as it ends a year later.
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