A Partnership May Elect to Use a Fiscal Year If

question 123

True/False

A partnership may elect to use a fiscal year if the business recognizes 25% or more of its annual gross receipts in the last two months of the fiscal year for three consecutive 12-month periods.

---

Definitions:

Handicapped Workers

Refers to employees with disabilities, including physical, mental, or emotional impairments, who may require reasonable accommodations to perform their job duties.

Comprehensive Federal Legislation

Broad and inclusive laws enacted by the federal government to address complex issues on a national level.

Drug and Alcohol Testing

Procedures employed by employers or organizations to detect substance abuse among employees or members, often to ensure workplace safety and compliance with laws.

Employers

Entities that hire individuals to perform services or tasks in exchange for compensation.