N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 2-2.1
Current through Register Vol. 46, No. 53, December 31, 2024
(Tax Law, section 208(9))
(a) The accounting method or basis on which business income is to be computed must be the same as the taxpayer's method of accounting for Federal income tax purposes. However, when the commissioner deems it necessary in order to properly reflect the business income of the taxpayer, the commissioner may determine the taxable year or period in which any item of income or deduction must be included, without regard to the method of accounting used by the taxpayer.(b) In the absence of an accounting method for Federal income tax purposes, business income must be computed in accordance with the method regularly employed in keeping the books of the taxpayer, provided such method properly reflects business income. If the books of a taxpayer do not properly reflect business income, or if no books are kept, the computation of business income must be made in such manner as the commissioner deems necessary to properly reflect business income.N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 2-2.1
Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023