The fiscal year is a set time frame that a company elects to separate their accounting periods. A company can use any consistent set of months as their fiscal year and issue their tax returns on the fourth month of their fiscal calendar.

In some cases, companies can also choose to use a 52-53 week period for the fiscal year, and they can elect to use the calendar year as their fiscal year at any time. If a company wants to change their fiscal year from the calendar year or to a different time, they will need permission from the IRS.