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Minority Business Assistance Center (MBAC) Program State Fiscal Year 20242025 (Program Year: January 2, 2024 June 30, 2025) TIMELINE Dates October 2, 2023 October 13, 2023Events and Announcements

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What is fiscal year?

A fiscal year is a 12-month period used by governments and businesses for financial reporting and budgeting purposes. It may or may not align with the calendar year.

Who is required to file fiscal year?

Businesses and organizations that choose a fiscal year different from the calendar year are required to file their financial reports and tax returns based on that fiscal year.

How to fill out fiscal year?

To fill out fiscal year forms, you must begin with the start and end dates of your fiscal year, gather financial data for the entire period, and complete any required tax forms or financial statements based on that specific period.

What is the purpose of fiscal year?

The purpose of a fiscal year is to provide a consistent time frame for tracking financial performance, budgeting, and reporting, allowing organizations to plan effectively and comply with regulatory requirements.

What information must be reported on fiscal year?

Organizations must report income, expenses, profits or losses, assets, liabilities, and changes in equity for the entire fiscal year, along with necessary disclosures about accounting methods and financial practices.

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