Has anyone found guidance on how it works for a fiscal year C corp, for instance how do you apply the 25% decrease in gross receipts rule for an 8/31/20 year end 2019 C corporation tax return?
AB 80 says that there must be a 25% decrease in gross receipts as defined in section 311 of the Consolidated Appropriations Act, 2021. This section says that the drop in gross receipts must be from the 1st, 2nd, 3rd or 4th quarter in 2019 to the same quarter in 2020. So, I don’t think that it makes a difference whether the corp. uses a fiscal year.
5-May-2021 11:59am
