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STAFF REPORT FOR CALENDAR ITEM NO.: 9 FOR THE MEETING OF: June 9, 2022, TRANSFER JOINT POWERS AUTHORITY BRIEF DESCRIPTION: Adoption of Fiscal Year 20222023 (FY 2223) Operating Budget in the amount

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How to fill out adoption of fiscal year

01

Step 1: Gather all relevant financial documents, including income statements, balance sheets, and cash flow statements.

02

Step 2: Review the current fiscal year's financial performance and identify any areas that need improvement.

03

Step 3: Determine the goals and objectives for the upcoming fiscal year.

04

Step 4: Create a budget for the new fiscal year, taking into account projected revenue, expenses, and potential investments.

05

Step 5: Develop a comprehensive financial plan for the adoption of the new fiscal year, outlining strategies for achieving the set goals.

06

Step 6: Implement the budget and financial plan, monitoring and tracking the progress regularly.

07

Step 7: Conduct periodic reviews and evaluations to assess the performance and make necessary adjustments as needed.

08

Step 8: Prepare financial reports and statements that reflect the adoption of the new fiscal year.

09

Step 9: Submit the financial reports and statements to relevant authorities or stakeholders, ensuring compliance with any legal requirements.

10

Step 10: Communicate the adoption of the new fiscal year to employees, clients, and other relevant parties.

Who needs adoption of fiscal year?

01

Organizations and businesses of all sizes and types, including non-profit organizations, government entities, and private companies, need to adopt a fiscal year.

02

Investors and shareholders may also require the adoption of a fiscal year to evaluate the financial performance of an organization.

03

Accounting professionals and financial advisors may recommend the adoption of a fiscal year to their clients for better financial management and planning.

04

Government agencies and regulatory bodies often require organizations to adopt a fiscal year for taxation and reporting purposes.

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What is adoption of fiscal year?

Adoption of fiscal year refers to choosing or changing the 12-month period that a business uses to report its financial results.

Who is required to file adoption of fiscal year?

All businesses, including corporations, partnerships, and sole proprietorships, are required to file adoption of fiscal year.

How to fill out adoption of fiscal year?

To fill out adoption of fiscal year, businesses need to submit Form 1128, Application to Adopt, Change, or Retain a Tax Year, to the IRS.

What is the purpose of adoption of fiscal year?

The purpose of adoption of fiscal year is to establish a consistent reporting period for financial statements and tax reporting purposes.

What information must be reported on adoption of fiscal year?

Businesses must report details such as the current tax year, requested tax year change, reason for change, and details of any previous tax year changes.

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