Posted by DianeCipa on 12/21/07 10:14am
Msg #227196

Renaissance and Diversified

I just got full confirmation that both title agencies located in Pittsburgh are closed.

Reply by Stamper_WI on 12/21/07 10:34am
Msg #227200

January should be an interesting month as news like this trickles in. Next week is the end of the fiscal year.

Reply by PAW on 12/21/07 11:33am
Msg #227226

Next week is the end of the calendar year. Not necessarily the fiscal year. Some companies financial calender is July to June and there are some that have odd ones, like North American Title: fiscal calendar ends on November 30. (They purposely have done that because December is always a slow month and they would not want to end on a down turn.)

Reply by Stamper_WI on 12/21/07 11:44am
Msg #227231

Thanks for the correction. In my narrow little world, I am more than ready to wrap this year up and get started on the next!

Reply by WDMD on 12/21/07 12:19pm
Msg #227237

"Some companies financial calender is July to June and there are some that have odd ones, like North American Title: fiscal calendar ends on November 30. (They purposely have done that because December is always a slow month and they would not want to end on a down turn.)"

Another reason could be that a fiscal year cannot end in December. A fiscal year is 12 consecutive months ending on the last day of any month except December.

Reply by Rachel/ORWA on 12/21/07 12:25pm
Msg #227238

"a fiscal year cannot end in December."

Certainly, a fiscal year can end in December. A fiscal year is the company's financial reporting period: some choose to have it coincide with the calendar year.

Reply by WDMD on 12/21/07 12:31pm
Msg #227241

Re: "a fiscal year cannot end in December."

"Certainly, a fiscal year can end in December. A fiscal year is the company's financial reporting period: some choose to have it coincide with the calendar year."

Go to IRS.gov and look for yourself in pub 538 page 3 under fiscal year. If you don't want to believe the IRS then all I can say is good luck. As for me, I think I will believe the IRS.

Reply by Sylvia_FL on 12/21/07 12:53pm
Msg #227244

Re: "a fiscal year cannot end in December."

From the IRS as WDMD stated

Fiscal Year
A fiscal year is 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal year that varies from 52 to 53 weeks but may not end on the last day of a month.

If you adopt a fiscal year, you must maintain your books and records and report your income and expenses using the same tax year.

Reply by Rachel/ORWA on 12/21/07 1:08pm
Msg #227245

Re: "a fiscal year cannot end in December."

Fiscal year=tax year. If your tax year ends December 31, that is your fiscal year.

Not arguing with the IRS here, just stating how this works in reality. The common usage of the term "fiscal" has come to mean "tax year," as opposed to non-calendar.

Reply by WDMD on 12/21/07 1:18pm
Msg #227249

Re: "a fiscal year cannot end in December."

"Fiscal year=tax year. If your tax year ends December 31, that is your fiscal year."

Quote from IRS: A calender tax year is 12 consecutive months beginning January 1 and ending December 31. I submit if your tax year ends December 31 you are a calender year taxpayer, not a fiscal year taxpayer.

Reply by Rachel/ORWA on 12/21/07 1:29pm
Msg #227252

Re: OK, OK, let's agree to disagree, and be friends...


My experience in the audit/tax world is that a company's year-end is referred to as their "fiscal year," whether it ends on December 31, or not. However, I'm willing to admit this is sloppy vernacularism, given the IRS section you referenced.

Reply by BrendaTx on 12/21/07 1:45pm
Msg #227257

Rachel...I'll wager that many in the audit/tax

world use fiscal year to include years which end on 12/31...in fact I know they do...I hear them all the time.

Reply by WDMD on 12/21/07 3:39pm
Msg #227281

Re: OK, OK, let's agree to disagree, and be friends...

"My experience in the audit/tax world is that a company's year-end is referred to as their "fiscal year," whether it ends on December 31, or not.'

I'm certainly not disputing that Rachel. I realize most anyone would refer to their accounting period as a fiscal year. The IRS just makes the distinction for their purposes that a calender year taxpayer can only have one 12 month accounting period (Jan-Dec), where a fiscal year can be one of several different12 month periods.

Reply by Rachel/ORWA on 12/21/07 12:27pm
Msg #227239

Paw: Not to mention taxes and SEC reporting, if appl n/m

Reply by Lisa Prestegard on 12/21/07 12:28pm
Msg #227240

Whew... they owe me nothing n/m

Reply by DianeCipa on 12/21/07 2:03pm
Msg #227262

Re: Whew... they owe me nothing

Lisa: Glad one person got the point of the post. dc

Reply by Becca_FL on 12/22/07 1:05am
Msg #227347

Re: Whew... they owe me nothing

Geez, I got it and didn't even read half the BS in this thread.

It is what it is...and unfortunately, I do believe it is the future for many of our title company clients. I have made many friends in this business and I hate to see them looking for work. It's a shame.

Reply by Becca_FL on 12/22/07 1:17am
Msg #227348

P.S. Thank Goodness, they don't owe me crap too. n/m

Reply by WDMD on 12/22/07 5:17am
Msg #227358

Re: Whew... they owe me nothing

"Geez, I got it and didn't even read half the BS in this thread."

Ain't that the pot calling the kettle black LOL.

Reply by sue_pa on 12/22/07 4:15am
Msg #227357

oh my, both owned by lawyers.