§ 15-119 — Accounting periods and methods

New York § 15-119

• Jurisdiction: New York
• Law YTS: Yonkers income tax surcharge
• Art. 10: Earnings Tax On Nonresidents

Text

§ 15-119. Accounting periods and methods.\n A. Accounting periods. A taxpayer's taxable year under this article\nshall be the same as his/her taxable year from federal income tax\npurposes.\n B. Change of accounting periods. If a taxpayer's taxable year is\nchanged for federal income tax purposes, his/her taxable year for\npurposes of this article shall be similarly changed. If a taxable period\nof less than twelve (12) months results from a change of taxable year,\nthe exclusion allowable under § 15-116 of this article shall be prorated\nunder regulations of the State Tax Commission.\n C. Accounting methods. A taxpayer's method of accounting under this\narticle shall be the same as his/her method of accounting for federal\nincome tax purposes. In the absence of any method of accounting for\nfederal income tax purposes, net earnings from self-employment within\nthe City of Yonkers shall be computed under such method as in the\nopinion of the State Tax Commission clearly reflects net earnings from\nself-employment within the City of Yonkers.\n D. Change of accounting methods.\n (1) If a taxpayer's method of accounting is changed for federal income\ntax purposes, his/her method of accounting for purposes of this article\nshall be similarly changed.\n (2) If a taxpayer's method of accounting is changed, other than from\nan accrual to an installment method, any additional tax which results\nfrom adjustments determined to be necessary solely by reason of the\nchange shall not be greater than if such adjustments were ratably\nallocated and included for the taxable year of the change and the\npreceding taxable years beginning after 1983, not in excess of two (2),\nduring which the taxpayer used the method of accounting from which the\nchange is made.\n (3) If a taxpayer's method of accounting is changed from an accrual to\nan installment method, any additional tax for the year of such change of\nmethod and for any subsequent year, which is attributable to the receipt\nof installment payments properly accrued in a prior year, shall be\nreduced by the portion of tax for any prior taxable year attributable to\nthe accrual of such installment payments, in accordance with regulations\nof the State Tax Commission.\n