USA Applicable Tax Year When FY 2018 Starts On 12/1/17

[wanderson11]

Our 2018 Fiscal year begins on 12-1-17 and ends on 11-30-18.......so will we be subject to the 2017 35% rate or the new 2018 rates of 21% even though our Fiscal Year End started before the new rates took effect on 1-1-18? Thanks in advance!

 

[Drmdcpa]

Unless otherwise stated in the legislation, an entity follows the law that existed at the start of the fiscal year. In your example, the entity recently started its 2017 year. It will not start its 2018 year until 12/01/18.