Statutes, codes, and regulations
New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCEChapter I - Franchise and Certain Business TaxesSubchapter A - Business Corporation Franchise TaxPart 2 - ACCOUNTING PERIODS AND METHODS
Subpart 2-1 - ACCOUNTING PERIODS
Section 2-1.3 - Fiscal-year taxpayers

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 2-1.3

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Current through Register Vol. 46, No. 45, November 2, 2024
Section 2-1.3 - Fiscal-year taxpayers

(Tax Law, section 208(10))

(a) A taxpayer that 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. 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. A fiscal year also includes, in the case of a taxpayer that 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 the taxpayer has elected such period for Federal income tax purposes.
(b) A taxpayer reporting on a fiscal-year basis must keep its books on such basis.
(c) Examples.

Example 1: A domestic corporation is incorporated in New York State on November 19, 2021. 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, 2021, to November 30, 2021, and must file a report for that period. The report must be filed on or before March 15, 2022.

Example 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, 2021. The corporation continues to do business throughout the year 2021. Since the taxpayer reports for Federal income tax purposes on a fiscal-year basis, its first taxable year for purposes of article 9-A begins March 1, 2021, and its tax is computed on the basis of an accounting period that begins October 1, 2020, and ends September 30, 2021. The report must be filed on or before January 15, 2022.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 2-1.3

Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023