Which of the following statements is incorrect?

A) A corporation can choose the fiscal year-end of its choice when it files its first tax return without approval of the IRS.
B) A corporation with average annual gross receipts of $10 million must use the accrual basis of accounting.
C) A calendar year corporation must file its tax return no later than March 15 of the following year.
D) C corporations must annually file a Form 1120 tax return.

Fiscal Year-End

Fiscal Year-End refers to the last day of a company's accounting period, which is used for financial reporting and tax purposes and can vary but often ends on December 31.

Accrual Basis

An accounting method where income and expenses are recorded when they are earned or incurred, regardless of when the cash transaction occurs.

Form 1120

Form 1120 is the tax form used by corporations in the United States to report their income, gains, losses, deductions, and credits to the IRS.