What is period accounting meaning definition
Define Accounting Period facts. Notion of taxpayer uses to determine federal income tax liability.

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Accounting Period Definition

What ACCOUNTING PERIOD means: The period (normally 12 months) that a taxpayer uses to determine federal income tax liability. Unless a taxpayer makes a specific choice to the contrary, his accounting period is the calendar year.

Definition Active Participant:
Dictionary A taxpayer who is covered by an employer-maintained qualified retirement plan, or a qualified self-employed retirement plan, if even for only one day during the year accounting period.
Definition Advance Payments:
Dictionary Advance payments are prepayments for services or goods. They generally are includible in gross income upon receipt for both accrual- and cash-basis taxpayers accounting period.
Definition Annuitant:
Dictionary A person who receives a pension or an annuity accounting period.
Definition Accrual Method Of Accounting:
Dictionary common methods of accounting, the other being the cash method. Under the accrual method of accounting, income is reported in the tax year earned, whether or not received, and deductions are claimed accounting period.

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