Some taxpayers elect to have an annual accounting period varying from 52 to 53 weeks which always ends on the same day of the week and always ends:

• on whatever date that day of the week last occurs in a calendar month, or
• on whatever date that day of the week falls which is nearest to the last day of a calendar month.

For tax purposes the first day of the calendar month beginning nearest the first day of the tax period (52 or 53 weeks) is considered to be the first day of the tax year. A 52-53 week taxpayer, therefore, with a fiscal year ending on the last Saturday in December would have the last day of the tax year on December 31, the same as a calendar year taxpayer. For Instant Interest purposes you should enter 01/01 to 12/31 as the default fiscal year. A 52-53 week taxpayer with a fiscal year ending on the last Sunday in June would use 07/01 to 06/30 for a default fiscal year period in Instant Interest to arrive at the correct interest calculations.