20 CRR-NY 2-1.3NY-CRR
20 CRR-NY 2-1.3
20 CRR-NY 2-1.3
2-1.3 Fiscal-year taxpayers.
Tax Law, § 208(10)
(a) A taxpayer which reports on the basis of a fiscal year for Federal income tax purposes must report on the same basis for purposes of article 9-A of the Tax Law. A fiscal year is a period not longer than 12 calendar months, or any shorter period beginning on the date the taxpayer becomes subject to tax and ending on the last day of any month other than December, provided the taxpayer keeps its books on such basis. A fiscal year also includes, in the case of a taxpayer which changes the period on the basis of which it keeps its books from a calendar year to a fiscal year, or from one fiscal year to another fiscal year, the period from the close of its last calendar or fiscal year up to the date designated as the close of its new fiscal year. A fiscal year also includes a 52-53 week accounting period if such period has been elected by the taxpayer.
(b) A taxpayer reporting on a fiscal-year basis must keep its books on such basis.
(c) The following are examples of taxpayers using a fiscal-year accounting period:
(1) A domestic corporation is incorporated in New York State on November 19, 1973. The corporation selects the fiscal-year basis of reporting and uses the date November 30th as the last day of its fiscal year. The corporation is subject to tax for the period November 19, 1973 to November 30, 1973, and must file a report for that period. The report must be filed on or before February 15, 1974. (See section 6-4.1 of this Title—Time for filing reports.)
(2) A foreign corporation, which reports for Federal income tax purposes on a fiscal-year basis, uses September 30th as the last day of its fiscal year. The corporation leases a store in New York City on March 1, 1973. The corporation continues to do business throughout the year 1973. Since the taxpayer reports for Federal income tax purposes on a fiscal-year basis, its first taxable year for purposes of article 9-A of the Tax Law begins March 1, 1973, and its tax is computed on the basis of an accounting period which begins October 1, 1972 and ends September 30, 1973. The report must be filed on or before December 15, 1973. (See: section 3-2.8 of this Title—Adjusting entire net income to period covered by report; and section 6-4.1 of this Title—Time for filing reports.)
20 CRR-NY 2-1.3
Current through February 28, 2023
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.