N.Y. Yonkers Income Tax Surcharge Law § 15-119

Current through 2024 NY Law Chapter 432

Section 15-119 - Accounting periods and methods

A.Accounting periods. A taxpayer's taxable year under this article shall be the same as his/her taxable year from federal income tax purposes.

B.Change of accounting periods. If a taxpayer's taxable year is changed for federal income tax purposes, his/her taxable year for purposes of this article shall be similarly changed. If a taxable period of less than twelve (12) months results from a change of taxable year, the exclusion allowable under § 15-116 of this article shall be prorated under regulations of the State Tax Commission.

C.Accounting methods. A taxpayer's method of accounting under this article shall be the same as his/her method of accounting for federal income tax purposes. In the absence of any method of accounting for federal income tax purposes, net earnings from self-employment within the City of Yonkers shall be computed under such method as in the opinion of the State Tax Commission clearly reflects net earnings from self-employment within the City of Yonkers.

D.Change of accounting methods.

(1) If a taxpayer's method of accounting is changed for federal income tax purposes, his/her method of accounting for purposes of this article shall be similarly changed.

(2) If a taxpayer's method of accounting is changed, other than from an accrual to an installment method, any additional tax which results from adjustments determined to be necessary solely by reason of the change shall not be greater than if such adjustments were ratably allocated and included for the taxable year of the change and the preceding taxable years beginning after 1983, not in excess of two (2), during which the taxpayer used the method of accounting from which the change is made.

(3) If a taxpayer's method of accounting is changed from an accrual to an installment method, any additional tax for the year of such change of method and for any subsequent year, which is attributable to the receipt of installment payments properly accrued in a prior year, shall be reduced by the portion of tax for any prior taxable year attributable to the accrual of such installment payments, in accordance with regulations of the State Tax Commission.

N.Y. Yonkers Income Tax Surcharge § 15-119