when does the fiscal year begin for federal government
A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for financial reporting by business and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on a generally annual basis, but generally do not require that the reporting period be calendar year, 1 January to 31 December. Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax. Many annual government fees -- such as Council rates, licence fees, etc. -- are also levied on a fiscal year basis, while others are charged on an anniversary basis.