N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 2-1.4

Current through Register Vol. 46, No. 53, December 31, 2024

Section 2-1.4 - Taxpayers using a 52-53 week year

(a) A taxpayer that reports on the basis of a 52-53 week accounting period for Federal income tax purposes may report on the same basis for purposes of article 9-A. A 52-53 week period must end on the same day of the week each year, and end always on whatever date that day of the week last occurs in a calendar month, or on whatever date that day of the week falls that is nearest the last day of a calendar month.

(b) If a 52-53 week accounting period is used and the period starts within seven days from the first day of any calendar month, the taxable year will be deemed to have begun on the first day of that calendar month. If a 52-53 week accounting period ends within seven days from the last day of any calendar month, the taxable year will be deemed to have ended on the last day of that month.

(c) If a taxpayer uses a 52-53 week accounting period for purposes of reporting its Federal income taxes and becomes subject to tax under article 9-A, the taxpayer may be required to file reports for two taxable years during an accounting period for which one Federal return is required.

(d) A taxable year of 52-53 weeks will be deemed a period of 12 months.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 2-1.4

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