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10294: TX - Which Dates to Use for Fiscal Year Filing


If I am filing a fiscal year Texas Franchise tax return, and the fiscal year ends 04/30/2016, what dates do I use to report this fiscal year?

A Texas 2017 report year covers an accounting period that ends in 2016. Texas instructions state that the accounting period end date should be the last accounting period end date for federal income tax purposes in the year before the year the report is originally due.

In Drake16, if

  • the federal return has fiscal year accounting dates and
  • the federal accounting year end date is in 2017

then the Texas program subtracts one year from the beginning and ending federal accounting dates to determine the accounting period for the Texas report that is due in 2017.

For example, if the federal accounting dates are 05/01/2016 to 04/30/2017, the corresponding Texas accounting dates are 05/01/2015 to 04/30/2016.

Written confirmation has been received from the state that this is the correct approach. Income and deduction amounts will need to be verified since the program carries information from the current federal return to the state return.

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