N.Y. Comp. Codes R. & Regs. tit. 20 § 105.2

Current through Register Vol. 46, No. 25, June 18, 2024

Section 105.2 - Change of accounting periods

Tax Law, § 605(a)(2)

(a) Except where a change is authorized by the Department of Taxation and Finance with respect to a taxpayer not required to file a Federal income tax return, a taxpayer may not change such taxpayer's taxable year unless a similar change has been made for Federal income tax purposes. Where a taxpayer's taxable year is changed for Federal income tax purposes, such taxpayer's taxable year for purposes of New York State personal income tax must be similarly changed.

(b) Where a taxpayer changes such taxpayer's accounting period for purposes of the New York State personal income tax by reason of a change in such taxpayer's Federal income tax accounting period, such taxpayer must file, with such taxpayer's first New York State personal income tax return for the new accounting period, either a copy of the consent of the Commissioner of Internal Revenue to the change of accounting period for Federal income tax purposes or, if no consent is required, a statement to that effect referring to the particular provision of the Internal Revenue Code or regulations thereunder authorizing the change.

(c) Where a taxpayer is not subject to the Federal income tax, but is subject to the New York State personal income tax, such taxpayer must obtain the consent of the Department of Taxation and Finance before changing such taxpayer's accounting period. If the Department approves the request for a change of accounting period, it will advise the taxpayer as to the effective date of such change and as to any short period New York State personal income tax returns required as the result thereof. The request for a change of a taxpayer's accounting period must be made on or before the 15th day of the second calendar month following the close of the short period for which a New York State personal income tax return may be required and must set forth the reasons for making the change.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 105.2