Episode
Enrolled Agent Exam [Part 2] 32, Accounting Period Election — Calendar vs Fiscal
- Podcast
- Finance Exam Prep
- Published
- May 29, 2026
- Duration seconds
- 231
- Processing state
not_requested- Canonical source
- https://open-exam-prep.com/
Actions
POST https://stenobird.com/v1/public/podcasts/finance-exam-prep-7658413/episodes/enrolled-agent-exam-part-2-32-accounting-period-election-calendar-vs-fiscal/transcription-requests
Idempotently request low-priority transcript generation for this episode.GET https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-32-accounting-period-election-calendar-vs-fiscal.md
Read the agent-friendly Markdown representation of this episode resource.
Summary
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The default tax year for most entities is the calendar year. - Personal Service Corporations (PSCs), S Corporations, and Partnerships are generally required to use a calendar year. - A fiscal year is permissible if there is a valid business purpose, such as meeting the 25% gross receipts test for a natural business year. - A Section 444 election allows for a fiscal year with up to a three-month deferral, but requires the entity to make 'required payments' to the IRS. - Partnerships have a specific hierarchy for determining their required tax year: majority interest, principal partners, and then the least aggregate deferral method. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep